Let Us Pay: A Brazilian tourist recently took this photo of Buenos Aires shopping cathedral, Galerias Pacifico.
It was 90 years ago when the phrase “Rich as an Argentine” was coined in Paris. Flush with new-found export wealth, the country’s elite would travel to European capitals for shopping sprees of clothing, fabrics and antiques.
By the end of the century, the wealthy were still going abroad in full acquisition mode; however, destinations closer to home, Miami, Punta del Este and Florianopolis, became the playgrounds of choice.
Now, only ten years into the new century, and it seems Brazil’s nouveau riche have become the Western Hemisphere’s new shopaholic celebre. The influx of Brazilian tourists to Argentina is well documented here, but Reuters’ Stuart Grudgings digs deeper into the suitcases of returning cariocas and finds they purchased just about “everything” while on vacay in BA.
“Backed by a booming economy, record job creation and a strong currency, Brazilian consumers are taking wing as they go on a spending spree…Brazilian tourists spent $8.6 billion abroad in the first seven months of 2010, a 56 percent rise on the year before,” writes Grudgings. At one point, he interviews a 54-year-old Brazilian tourist accompanied by twenty of her closest friends at a Buenos Aires galleria and asks what they are buying. “Everything,” she replies.
The current Brazilian buying frenzy is fueled by economic strength, availability of cheap credit and exorbitant import tariffs back home. It’s worth noting Argentines face similar tariffs on electronic goods which explains Argentina and Brazil’s #1 and #2 ranking on the global iPod index. (Full article)
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