Retail volume growth slowed in 2018 due to the renegotiation of the North American Free Trade Agreement (NAFTA) which impacted rules for the importing of consumer electronics. Furthermore, an unfavourable exchange rate resulted in price rises for many products.
Mexico’s economy continued to see a healthy improvement in 2019 with a rise in final consumption. This led to an increase in consumer confidence which in turn encouraged consumers to spend out on consumer electronics.
Samsung increased its lead in consumer electronics in 2019 with it introducing a range of new products, while it also opened its first store in Mexico at the end of 2018, which was followed by a further 11 stores in 2019. These new stores have added to the company’s already strong presence in Mexico.
By far the most important channel for consumer electronics in Mexico is electronics and appliance specialist retailers, with these stores offering a wide range of choice, including the latest models. It is followed by hypermarkets, where Walmart is the largest player, and mixed retailers where department stores such as Liverpool and Palacio de Hierro play an important role in the distribution of consumer electronics.
After strong growth over the review period smartphones will start to see more stable growth over the forecast period as the category becomes increasingly saturated. It will likely become harder to demonstrate the value of trading up on such a regular basis and therefore replacement rates will likely become longer.
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This industry report originates from Passport, our Consumer Electronics market research database.