Engagement rings is an important category within fine jewellery, and the fact that the number of marriages is on a continuous decrease in Mexico represents a challenge for players in this environment. As a result, players implemented strategies aimed at overcoming the decline in demand for engagement rings for their traditional purpose.
Opportunities for jewellery growth in coming years will be to increase consumers’ “everyday wearing” habit. As dress codes continue to relax, this is encouraging Mexicans to wear a combination of different jewellery styles.
In terms of distribution, the department stores channel is gaining share, while jewellery specialists are seeing share decline. This is because department stores have greater marketing muscle than their smaller counterparts and are more likely to invest in digital and print advertisements.
International luxury players such as Swarovski Crystal SA de CV and Tiffany & Co de Mexico SA de CV are pursuing international standardisation in terms of unit prices, regardless of the currency exchange rate, as well as in terms of product assortment and marketing strategies. The benefits of this are that the consumer no longer needs to chase the best prices for products in other countries, which stimulates local consumption.
In some contrast to the standardisation efforts demonstrated by some players, Pandora is making efforts to “tropicalise” its portfolio, with some items adapted specifically to the local market. This is expected to be a successful strategy that will contribute to build an emotional link between the brand and Mexican consumers.
Overall the jewellery environment is fragmented, although some companies have successfully created brand awareness, strong distribution networks and share, albeit still in single-digit territory. Examples include the Joyerías Bizzarro SA de CV, and Swarovski Crystal SA de CV.
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This industry report originates from Passport, our Jewellery market research database.