Luxury Consumption Grows in Guatemala

Imports of luxury watches grew by 84% in the first two months of 2012 compared to the same period last year.

Wednesday, March 28, 2012

Reports from the Tax Authority (SAT) show that so far this year, the CIF value of wrist and pocket watches, and similar products coming into the country reached the sum of $866,000, a higher figurer than the $469,000 in the first two months of 2011.

The SAT records that in the same period in 2010, the CIF value of imports of wrist and pocket watches, and similar gold plated products or those encased with precious metal, was $350,000 reported Siglo21.com.gt.

Traders have a curious theory about the mood of Guatemalans every time there is change of government.

"People's moods, with the new government, are better now, because every time this happens it makes Guatemalans have a change of mentality and they believe that everything will be better," says the general manager of the jewelry store Greco's, Jaime Diaz .

For her part, Maria Isabel Bonilla, an analyst at the National Economic Research Center (CIEN in Spanish), notes that in terms of valuables such as brand name watches and jewelery, it is not only about the intrinsic value of the object, but also the fact that they are goods on which a transaction can be made.

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