Retail value sales of luxury goods in Argentina increased by 88% in 2023 in current terms to stand at ARS341 billion. However, should be noted that this stealer growth was almost entirely due to the very high inflation that has been plaguing Argentina in recent years as constant value growth remained in low single figures during the year.
One major impact of the adverse economic situation in Argentina is that the country’s top-earning consumer segments now stand out more than ever and they remain the key purchasers of luxury goods. Indeed, as Argentina’s middle class has been significantly eroded, the wealthiest members of society have become increasingly pivotal in driving demand for high-end brands and luxury goods.
Luxury goods remains a highly competitive category in Argentina as the pressure on consumer spending has focused the attention of leading names on various aspects of their operations. With concepts such as mindfulness and the maximisation of time becoming increasingly influential on consumer choices, many of the players in luxury goods are focusing more on creating innovative products that offer consumers added value in terms of adapting to recent changes to consumer lifestyles such as the increase in remote working, the rising interest in online shopping, the greater importance of value propositions and the rising focus on sustainability, from both environmental and social points of view.
Luxury retail generally is currently undergoing some major changes, with increasing digitalisation resulting in major changes to where and how consumers shop and how they engage with luxury brands and retailers. This means that physical retailers are having to become more competitive by making major changes to their outlets to attract the attention of consumers, many of whom are turning to e-commerce web when thinking about buying luxury items.
The outlook for Argentina’s luxury goods market currently looks positive, with pent-up demand due to the COVID-19 pandemic and the adverse economic situation expected to result in consumers increasingly purchasing a wide range of high-end products during the forecast period. As a result, retail value sales of luxury goods in Argentina are expected to rise at a CAGR of 85% in current terms (31% constant 2023 value CAGR) over the forecast period to reach ARS7.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Argentina, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!