Like all other apparel categories, apparel accessories saw steady retail volume and current value increases during most of the review period. However, unlike all other apparel categories, apparel accessories saw an exceptional increase in retail volume terms in 2020, accompanied by a slower but still dynamic current value rise.
At the other end of the spectrum, the retail volume and current value growth rates seen by other apparel accessories in 2020 were exceptional. The category also went from being one of the smallest in value terms, to being by far the largest.
Prior to the emergence of COVID-19 in the country, apparel accessories was already a highly fragmented competitive landscape, in line with the wide variety of accessories and prices available. Brands range from fast fashion names which offer affordable prices, such as Pull & Bear, Bershka, Zara and H&M, to sportswear brands including Puma, Nike and Under Armour, to luxury brands, led by Hermès, as well as Gucci and Louis Vuitton.
In 2021, apparel accessories is set to see a reversal of some of the retail volume and current value growth seen in 2020, with declines by both measures. However, as in 2020, significant differences are expected between categories.
All other categories which saw declines in 2020, namely scarves, belts, gloves and hats/caps, are expected to see faster rates of recovery than ties. Belts is set to see the fastest return to growth due to the essential nature of these products, with both volume and current value sales reaching the pre-COVID-19 level by 2022.
After seeing exceptional growth in 2020, other apparel accessories is set to turn to decline in 2021, with this trend expected to continue throughout the forecast period. COVID-19 was the reason for the dynamic performance in 2020, and as the virus comes under better control due to regional restrictions and vaccination, the need for face masks is set to diminish and prevention measures are likely to be relaxed.
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Understand the latest market trends and future growth opportunities for the Apparel Accessories industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Apparel Accessories research and analysis database.
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