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The answer is Mexico.

In the last 5 years sales of cars, clothing, jewelry, fashion accessories and other high-cost products increased by 25.9%, according to estimates by Euromonitor International. In this period, however, the average growth of the Gross Domestic Product (GDP) was 2.8% per year. However, the Mexican economy, according to the World Bank, is the second most important in Latin America, after Brazil.

For decades this country was the Latin American destination of some of the most exclusive brands in the world. Now several of them, like McLaren, Lamborghinni or Carolina Herrera chose the Mexican cities to establish branches. In fact, so far in 2015 the value of the luxury market in Mexico has been US $ 3,685 million, according to statistics from consultancy Euromonitor. Sales in Brazil were, in the same period, US $ 3,190 million. According to some market companies the products that are most commercialized are clothing, footwear, jewelry, watches, beauty products, perfumes, and beverages. Luxury cars, says consultancy Kaso and Associates, are also a strong impetus for this market.

Curiously, in the expansion of the luxury market Mexican millionaires do not have a central role. In recent years most of the purchases are made by the so-called "aspirational middle class", a growing segment of the population made up of people with higher than average incomes. This is a "very heterogeneous" group, explains to BBC Mundo Claudio Fores Thomas, vice president of the consultancy Lexia. "There are those who have planes and pilots, and also the upper middle classes we probably do not have a helicopter but we have access to consumer products in that segment." In this category there are people who want to demonstrate their ascent in the social scale with the purchase of luxury products, adds Cristina Morales, analyst of the consulting firm Signum Research.

What is the country where half of its inhabitants are poor, but which at the same time houses the largest market for luxury products in Latin America?

© 2017/Jeimy A Molina/ Creado con Wix.com

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