For Argentinians, Chile is the new Miami. That’s according to both shoppers and analysts.
With Chile being closer to Argentina than Miami, beaches are not the only reason shoppers are venturing to their neighboring country.
Argentine President Mauricio Macri has created somewhat of a retail sales boom after removing exchange controls since December. As a result, Argentinians have run across the border, nabbing bargains in Santiago and other Chilean cities.
What’s surprising for some, however, is great for others. Since Chile has seen economic growth, it’s been a welcome change. Electronics have seen an uptick since Argentinians are heading over the border to make purchases, which are shown to be half what they cost in their home country. Samsung TVs are going for less than $700, while, back at home, they’re $2,300.
When he came into office, Macri ceased the need for his country’s shoppers to gain tax agency approval to buy a limited number of dollars, whether it be for travel or savings. As a result, people bought more foreign currency and headed to Chile to spend it. Tourism over in Chile skyrocketed.
Argentina’s regulations related to imports differ from Chile’s, which include 26 agreements with Europe, China and the U.S.
But who can blame these shoppers? A bargain is a bargain — no matter where you can find it.