Executives from large companies in the luxury market are meeting until tomorrow (10/11/2011) in São Paulo, for the 11th Hot Luxury, an event that discusses trends in the sector. And the most interesting thing is that Brazil is not on the conference itinerary by chance. As mentioned in a report published by Portal Época Negócios, journalist Susy Menkes, mentioned in the article as the event's mentor, considers that Brazil has a lot to teach the global luxury market.
And one of the aspects that justify the journalist's analysis is the quality of the Brazilian service. “I wonder what makes people buy and pay two, even three times more for a product that they can buy in France for much less. And the answer is service. I am impressed with the service in Brazil. Wherever you go, there is always someone very willing to help, an attitude very different from the snobbery that can be seen in some other places”, mentions Susy Menkes in the Época Negócios report.
For her, crafts are another good gateway to international prominence for Brazil, as traditional brands are increasingly associating their production with the concept of “making by hand”, combined with the profitability of products for mass consumption. Still according to the report, the journalist believes that, within 20 years, handicrafts will represent a large part of the luxury market.
In Susy Menkes' assessment, the entry of large luxury conglomerates into the country to generate a greater volume of business still depends on a better understanding of the particularities of the Brazilian market and culture. But we can already see market movement in this direction. And the numbers demonstrate Brazil’s potential. As the report points out, the country is already among the largest consumers of luxury in the world, behind China (which should lead the ranking, according to research), Japan, the United States, France and Russia. Furthermore, our economy is also the fifth largest economy in the world, surpassing France and the United Kingdom.
According to research also cited by Época Negócios, Brazilians spent R$15.7 billion on luxury products last year. For this year, growth of 20% is projected. In the context of Latin America, it is estimated that there are 400 million luxury consumers.
With information from Época Negócios
