How to engage luxury consumers in Latin America
Latin America's luxury market is booming, underpinned by robust economic growth in Mexico, Brazil and several South American countries. The phenomenon has put the region on the map for the world's largest luxury brands, which are expected to spend billions to pursue aggressive expansions.
The big question, however, is how these brands can devise appropriate marketing campaigns to reach this emerging and exciting new customer segment.
It's a commonly held belief that marketing to wealthy Latin Americans must be done differently than marketing to the elites of Asia or other parts of the world. That was the view of panel members brought together to discuss the issue at the Festival of Media Latin America.
In Latin America, they said, one-to-one marketing and targeted events work better than in other regions, while brands must train staff to engage customers in a "warmer, more intimate and more humble" way than in other markets.