In the Mexican market, the main distribution channels for luxury eyewear are non-grocery specialists and mixed retailers, both of which have reopened to a partial extent but still face a struggle to replenish consumer traffic. Some exceptions, such as Costco, which offers brands including Armani, Michael Kors and Hugo Boss, remained open during the hardest parts of the crisis.
Home seclusion during the COVID-19 crisis meant that consumers spent far less time outdoors in 2020, while travel generally, and international travel in particular, were severely restricted. As a result, demand for luxury sun glasses fell sharply during the year.
Sales of luxury eyewear began to recover towards the end of 2020, and 2021 is showing signs of further recovery. Retailers began to reopen from the end of June 2020, although this was dependent on location.
Luxury eyewear is set to see continued double-digit current value growth in 2022 to exceed the level of sales registered immediately before the outbreak of COVID-19, and to see stable positive performances over the remainder of the forecast period. Foreign tourists are key customers in the luxury eyewear category in Mexico and it will undoubtedly take some time for inbound tourist flows to return to pre-pandemic levels, whilst many domestic consumers will likely limit their spending on these luxury items for some time to come after the devastating financial impacts of the health crisis.
E-commerce maintained its good performance in 2021 even though physical stores have been reopening, giving those consumers who wish to purchase luxury eyewear both online and physical, store-based options. Their experiences of the convenience and safety of e-commerce have helped many shoppers to overcome their previous reluctance to engage with this channel.
Apart from its functional benefits, luxury eyewear offers a clear fashion angle, with many wealthier consumers purchasing new frames or sun glasses as new fashion trends develop. Manufacturers will likely continue to stimulate this demand by introducing special collections and limited editions in order to continue to trigger consumption.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This is the aggregate of luxury sunglasses and luxury spectacle frames.See All of Our Definitions
This report originates from Passport, our Luxury Eyewear research and analysis database.
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