Wondering where to focus your time, energy and budget in Latin America? No doubt, these 5 star cities – Bogotá, Buenos Aires, Lima, Mexico City, São Paulo – are the key to your LATAM strategy. Over the next few years, the residents of these 5 cities will lead Latin American outbound travel and spend more on luxury travel than the rest of LATAM combined!
Here is where smart hotels and travel brands are spending…
Bogota is following the rising moment of the country Colombia. After years and years of a weak economy due to the severe drug problem, the country is developing impressively. The overall population is shining, happy and motivated. Colombians became the number one consumer for prestigious and luxury brands in Panamá in recent years and the majority of people come from Bogota. They are ready to go beyond in their consumption of travel.
Buenos Aires used to be the most sophisticated city in Latin America. Anything related to luxury, Argentinians would be the first in line. They have a very European style, with a very high level of education. Argentinians from Buenos Aires have always been the ones associated to cultural aspects of living; arts, luxury brands, hotels and so on. For years they have been the most important travellers in Brazil. The last few years have been very difficult but the situation is changing fast and the enthusiasm is back.
Lima is the new rising star in Latin America! Impressive and exquisite gastronomy is changing the country and Peruvians are more and more confident of their opportunities. Lima is the epicenter of this change. It is the fashion destination in the region right now and the Peruvians are responding to it with a lot of self-esteem. Economy is growing, Peruvians are becoming richer, and as a result, Panamá was also surprised by the buying power of Peruvians coming from Lima. Now is the time to discover more and invest.
Mexico City is one of the strongest and richest cities in Latin America. For years, Mexicans were the only ones to have the American Express Centurion Card, and Mexicans from Mexico City were the world leaders for this AMEX category. Traditionally, Mexicans have always had the USA as the number one destination for their travels. The current situation with the US is driving Mexicans to experience the world through other travel destinations so now is the perfect time to enchant Mexicans and work very closely to promote opportunities in Mexico City – the capital and the city with the highest concentration of wealth in the region. Mexicans will discover the world!
São Paulo is the financial capital of Latin America; the number one in population and the leading city within the Latin American region for financial wealth and the number of millionaires and billionaires. On top of this, Brazilians have proved to the world that they can definitely surprise. In recent years, Brazilians were among the most important luxury buyers in the world and the main travellers. Brazilians are all about free spirit, fun, pleasure, happiness and travelling. The people of São Paulo are all aligned with these characteristics with one very important additional thing: wealth! São Paulo is rich! In the last two years, the economy has forced Brazilians to hold on to their money and Brazilians cannot wait for a long time. The world should be ready; Brazilians are back and São Paulo will lead the movement.
It’s time to get ready!
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 São Paulo, Brazil. For more information, please email us at: iltmlatam@reedexpo.com.br.