High quality and well priced food and spirits are on the list of products for which demand has increased from Indian consumers with higher purchasing power.
From a statement issued by the Costa Rica Foreign Trade Promotion Office (PROCOMER):
The luxury market in India is growing, and it is estimated that by 2017 it will reach a value of $1.8 billion, showing a growth relative to the current level of $1.4 billion, with the categories of fashion, cars and food being the most dynamic. It follows a study by the Associated Chambers of Commerce and Industry of India, Assocham and Yes Bank.
4.7% of cars sold between January and November 2014 corresponded to the segment of luxury cars in Panama, where the italian company Ferrari expects to set up in March.
Among the brands sold in Panama are Jaguar, Cadillac, Lincoln and Volvo, other brands in the luxury range but with less demand in this market are Maserati and Lamborghini. Between January and November 2014 alone about 2,602 luxury cars were sold, according to the National Institute of Statistics and Census.
Between January and October this year more than 1,300 high-end vehicles were sold, equivalent to 5% of new car sales in the same period.
According to the Association of Importers and Distributors of Motor Vehicles, the bestselling luxurycar brands up until October of this year were: Audi, with 382 units, BMW, with 340 units sold, Land Rover with 127 units and finally Porsche with 104 cars.
Greater purchasing power and a growing middle class have led to an increase in the purchase of goods in the premium brand range to the detriment of basic commodities.
Liqueurs and alcoholic beverages is one of the sectors which best exemplifies the boom in goods and services which are considered luxury items in the country, to the detriment of traditional goods or commodities.
In 2013 there was a reduction in the collection of the selective consumption tax on "luxury" or non essential goods such as vehicles and alcoholic drinks.
For the first time since the 2008-2009 period the collection of the tax levied on imported goods such as vehicles, liquor and cigarettes fell by 11% compared to 2012, primarily in the area of vehicles.
The sustained growth of the Panamanian economy is boosting luxury car consumption, championed by high-end cars.
The increase in sales of vehicles in 2013 in the luxury segment is expected to be repeated in 2014, according to representatives of the brands. The union of distributors also expects an increase, although it is more cautious.
The growth of the high-income segment in the country is an opportunity for companies focused on providing high quality products and services.
Elfinancierocr.com reports: "A study by the firm Wealth- X, originally from Singapore, found that the number of individuals locally who registered at least $30 million in assets went from 85 to 100 in the last 12 months."
In order to align with the regulations to which they are committed in the Partnership Agreement with the European Union a draft amendment will be presented to the Legislative Assembly.
The main changes to the current legislation provides for the inclusion of specific procedures for registering things such as geographical information for domestic products, which refer to a "geographical name, description, image or sign that designates or evokes a product’s origin such as its country, region or locality ", as established by the current legislation, in force since 2002.
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