The Luxury Trend in Latin America Part 2

The Luxury Trend in Latin America Part 2

Peru has a rich tradition of goldsmithing that dates back more than 3,000 years. Skilled artisans use ancient techniques to create exquisite works of art that are highly sought-after by luxury markets both domestically and internationally. Gold and silver are combined with precious and semi-precious stones to create stunning jewelry that delights both locals and tourists alike, providing a unique commercial opportunity that can be further developed.

The growth of e-commerce in Latin America has been nothing short of remarkable, making it one of the fastest-growing markets in the world. Experts predict that online sales volumes in the region will increase by 29% between 2020 and 2024, reaching a staggering US$580 billion. This represents a significant opportunity for businesses and investors alike.

E-commerce has grown at an impressive double-digit and three-digit rate in almost all regional markets. For instance, Brazil, the largest market in Latin America, saw online sales grow by a staggering 75% year-on-year in 2020, according to the SpendingPulse report by MasterCard. Meanwhile, the Brazilian e-commerce association ABComm reported a 68% expansion last year to some 126 billion reais (US$23 billion).

Similarly, Mexico witnessed a remarkable growth in e-commerce, with online sales grossing about 316 billion pesos (US$15 billion) in 2020, representing an annual growth of 81% and 9% of total retail sales, per the Mexican online sales association AMVO. Argentina, too, reported a phenomenal 124% increase in online sales in 2020, and in the 1H of this year, they doubled in nominal terms, registering a 101% year-on-year expansion.