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Learn moreJan 2021
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The Mexican government announced nationwide restrictions on non-essential economic activities in most municipalities on 30 March 2020, which took effect the following day, with the population urged to stay at home, where possible. On 16 April, it extended these restrictions until 30 May, with the peak of the COVID-19 epidemic in Mexico occurring in May.
Given the dominance of physical retailing in luxury goods in Mexico, brands and retailers faced significant challenges during the pandemic in order to not only try to maintain sales, but also to gain consumer confidence in the safety and hygiene levels of their locations after they had reopened. Luxury players began to plan their safety measures for reopening during the periods of closure.
Specialist retailers and department stores were forced to close for long periods during the pandemic. Those retailers which already had e-commerce operations focused on supporting and developing them, and, although e-commerce benefited massively during the crisis, the switch was not enough to prevent the significant overall losses in sales of luxury goods in 2020 due to the losses incurred by store-based operations.
Luxury goods is expected to record double-digit constant 2020 retail value growth in 2021 and 2022, followed by strong single-digit rates over the remainder of the forecast period. Overall sales are anticipated to exceed pre-pandemic levels by 2022.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in Mexico with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Goods industry in Mexico, our research will save you time and money while empowering you to make informed, profitable decisions.
The Luxury Goods in Mexico market research report includes:
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.