Economic growth and the presence of foreigners with high purchasing power is driving the opening of shops selling luxury cars and premium residences.
A study by the firm Lends entitled 'Worldwide Luxury Consumer' shows that the number of consumers of luxury goods in the world has increased over the past 20 years. In late 1995, 90 million were reported and it is now expected that in 2014 there will be over 340 million such consumers.
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."
Imports of luxury watches grew by 84% in the first two months of 2012 compared to the same period last year.
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 government’s Strategic Plan 2010-2014 aims to turn the country into a “world-class center for value-added logistic services, luxury tourism and high value agriculture”.
These are very ambitious goals, especially when analyzing the country’s current situation, with 33% of its inhabitants living below the poverty line and serious deficiencies in infrastructure.
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