A Tory Burch store in Mexico City.
Sales of luxury goods are on the increase in Mexico, as is the number of millionaires.
The luxury goods market — automobiles, watches, wine, champagne, designer clothing and other products — is expected to be worth US $14 billion by the end of this year, up 5.2% from 2013. And that growth rate is expected to jump to 15% over the next two years.
“The sector has maintained high growth rates for five years, and the growth has come despite the economic crisis with which we’ve been faced; this year won’t be any different,” said Abelardo Marcondes of the analyst firm Luxurylab.
By way of comparison, that market is of similar value to the total investment planned by the federal government in promoting tourism until 2018.
Euromonitor International analyst Beatriz Torres says the growth is primarily due to the entrance of new brands into the market, and the expansion of luxury goods shopping centers. Expensive brands such as Michael Kors, Tory Burch, Tag Heuer and Brooks Brothers have begun opening stores in shopping centers in Cancún, Puebla and Guadalajara.
As for millionaires, Mexico has the second highest number in Latin America with 164,000, while Brazil takes top spot with 191,700. A millionaire is counted as someone who has $1 million or more available to invest.
Last year the number of Mexican millionaires grew by 13%. Worldwide the figure was 14%.
Fernanda Hopenhaym, director of the Project for Organization, Development, Education and Investigation (Poder), says those millionaires hold 43% of the country’s wealth, which “reflects the panorama of inequality that exists in Mexico.”
A researcher at the National Autonomous University of Mexico says the gap between rich and poor is growing but, said David Lozano, not even an increase in the minimum wage, a recent subject of public debate, would have any effect on the economic model.
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