RIO DE JANEIRO, BRAZIL – Buying technology items such as smartphones, tablets, and computers in São Paulo is more expensive than in any other city in the world.
São Paulo also exceeds the average global prices for items such as jewelry, watches, and bicycles, according to an unprecedented study by Julius Baer, a leading wealth manager in Switzerland, which also analyzed consumer concern for more ethical and conscious shopping.
The manager launched its Global Wealth and Lifestyle Report 2021 (GWLR), in which it analyzes the prices of consumer goods and services in 25 different cities around the world.
The goal is to map the costs of living for the high-income population to reflect the lifestyle in different locations and generate data to anticipate the best investment decisions. The survey was conducted between July and September 2020.
In its second edition, the study expanded the scope beyond Asia to include countries in Latin America, Europe, and North America. Despite having the highest prices in some segments, São Paulo appears in the 21st position of the global ranking. The three most expensive cities in the world are, in order: Shanghai, Tokyo, and Hong Kong.
The items assessed range from cars, suits, and women’s shoes to executive flights, residential real estate, wines and whisky. The only Brazilian among the cities in the report, São Paulo is also indicated as one of the cheapest places to buy a luxury home, with prices a quarter below the international average.
According to the study, the luxury industry in Brazil moves about US$24.58 per capita annually and should grow 3% next year.
Asia is the most expensive region in the world to maintain a luxurious standard of living, in part because of its rapid recovery from the global crisis caused by the Covid-19 pandemic, as well as the stability of the currency over the past year.
The devaluation of the US and Canadian dollars against other major global currencies and the strong devaluation of currencies in Latin America make North and South America the cheapest continents for high-end consumers.
Source: Exame