It’s no secret there were some bad economic headlines coming out of Latin America last year. However, there are bright spots of momentum from Colombia to Mexico and Peru. Figures released recently show that Chile is maintaining modest but steady growth, while Argentina, enjoying renewed access to the world’s capital markets, is beginning to stage a comeback.
Considering that the consumers of the future are overwhelmingly urban, recent research from McKinsey Global Institute projects that more than 90% of global consumption growth over the next 15 years will come from cities. This trend is extraordinarily concentrated: just 32 cities are likely to generate a quarter of the $23 trillion in urban consumption growth projected through 2030. Two of them— Mexico City and São Paulo —are located in Latin America. In addition to these powerhouses, Buenos Aires, Lima, Santiago, Monterrey, and Bogotá rank among the 100 urban areas that will account for 45% percent of urban consumption growth worldwide.
To make 2018 your most lucrative year for Latin American travellers yet, you may have to do some things differently to how you’ve done them in the past. Here are my 5 tips to make more money from the region of Latin America.
- Focus on investing in the major urban cities for the years to come
- The region has still a very young population – consider all segments that talk to this generation such as fitness, wellness, sports, beauty
- Still on the young population, the region is becoming the digital capital of the world. Brazil alone is a highlight. Latin America is highly digital-oriented where “instagraming” became a new verb. Technology is a must!
- New riches everyday, all over, and very young. Luxury niche consumption will keep growing stably throughout the region. Gastronomy and real estate are driving forces, so look to them for the trends
- Cultural education is growing fast. Look for dialogues with art & entertainment. Art galleries, trade commerce fairs, movie complexes and theaters are booming
Carlos Ferreirinha is a Latin American luxury expert and regular guest at ILTM Latin America (formerly Travelweek Sao Paulo), which takes place each year in Sao Paulo, Brazil. For more information, please email us at: firstname.lastname@example.org