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Country Report
Luxury Goods in
Luxury Goods in Mexico
Jan 2021
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Executive Summary
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COVID-19 impact on luxury goods
COVID-19 country impact
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.
Company response
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.
Retailing shift
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.
What next for luxury goods?
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
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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:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Luxury Goods in Mexico?
- What are the major brands in Mexico?
- How dynamic is the growth of Luxury Goods internet sales?
- What is driving growth?
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
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Request more informationTable of Contents
Luxury Goods in Mexico
EXECUTIVE SUMMARY
COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?
MARKET INDICATORS
Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020MARKET DATA
Table 2 Sales of Luxury Goods by Category: Value 2015-2020Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020
Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020
Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019
Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019
Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020
Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025
Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025
DISCLAIMER
GLOBAL MACROECONOMIC ENVIRONMENT
GLOBAL INDUSTRY ENVIRONMENT
SOURCES
Summary 1 Research SourcesExperiential Luxury in Mexico
KEY DATA FINDINGS
2020 IMPACT
Luxury hotels and restaurants are severely limited by the major downtown in inbound tourists
Domestic consumers likely to be key upon reopening
Restrictions on restaurants likely to continue to have an impact on luxury hotels
RECOVERY AND OPPORTUNITIES
Strong growth expected, but a long road to pre-COVID-19 business levels
Luxury hoteliers will need to refocus in order to convince tourists it is safe to return in 2021
Visible sanitation will be key
CATEGORY DATA
Table 10 Sales of Experiential Luxury by Category: Value 2015-2020Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020
Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019
Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019
Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025
Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025
Luxury Hotels in Mexico
KEY DATA FINDINGS
2020 IMPACT
Luxury hotels are severely limited by the major downtown in inbound tourists
Cautious reopening of luxury hotels
Demonstrating high sanitary conditions to guests will be key to success
RECOVERY AND OPPORTUNITIES
A long haul to pre-COVID-19 levels of sales
Domestic travellers likely to remain a key audience
Hotels will need to continue to reassure guests that it is safe to book a stay
CATEGORY DATA
Table 16 Sales in Luxury Hotels: Value 2015-2020Table 17 Sales in Luxury Hotels: % Value Growth 2015-2020
Table 18 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020
Table 19 NBO Company Shares in Luxury Hotels: % Value 2015-2019
Table 20 LBN Brand Shares in Luxury Hotels: % Value 2016-2019
Table 21 Forecast Sales in Luxury Hotels: Value 2020-2025
Table 22 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025
Fine Wines/Champagne and Spirits in Mexico
KEY DATA FINDINGS
2020 IMPACT
Switch from on-trade consumption not enough to prevent retail declines
Ban on alcohol sales in some areas also has a negative effect
E-commerce sales soar during the pandemic
RECOVERY AND OPPORTUNITIES
Rapid return to strong growth
Retailers likely to offer value-added services, while brands continue to develop special editions
E-commerce set to continue to thrive
CATEGORY DATA
Table 23 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020Table 24 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020
Table 25 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019
Table 26 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019
Table 27 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020
Table 28 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025
Table 29 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025
Premium and Luxury Cars in Mexico
KEY DATA FINDINGS
2020 IMPACT
A late response to COVID-19 and limited testing shrinks the Mexican economy, resulting in ongoing declines of premium and luxury cars
Luxury electric vehicles continue to penetrate the Mexican market, SUVs remain popular
Daimler readjusts its global strategy to focus on higher-margin vehicles
RECOVERY AND OPPORTUNITIES
The Trade Agreement with US and Canada and global supply chain shifts improve Mexico’s economic outlook
Social distancing measures led to disruptions in manufacturing plants during the pandemic, but operations are slowly recovering
Financing options will be key to offset the negative impact on disposable incomes
CATEGORY DATA
Table 30 Sales of Premium and Luxury Cars: Value 2015-2020Table 31 Sales of Premium and Luxury Cars: % Value Growth 2015-2020
Table 32 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019
Table 33 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019
Table 34 Forecast Sales of Premium and Luxury Cars: Value 2020-2025
Table 35 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025
Personal Luxury in Mexico
KEY DATA FINDINGS
2020 IMPACT
Interruptions to production lead to missed seasonal opportunities
Luxury personal goods players are reluctant to devalue brands by discounting
E-commerce flourishes during the pandemic
RECOVERY AND OPPORTUNITIES
A rapid return to growth
A digital presence and e-commerce likely to become increasingly important
Fashion trends will likely be orientated towards the home
CATEGORY DATA
Table 36 Sales of Personal Luxury by Category: Value 2015-2020Table 37 Sales of Personal Luxury by Category: % Value Growth 2015-2020
Table 38 NBO Company Shares of Personal Luxury: % Value 2015-2019
Table 39 LBN Brand Shares of Personal Luxury: % Value 2016-2019
Table 40 Distribution of Personal Luxury by Format: % Value 2015-2020
Table 41 Forecast Sales of Personal Luxury by Category: Value 2020-2025
Table 42 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025
Designer Apparel and Footwear (Ready-To-Wear) in Mexico
KEY DATA FINDINGS
2020 IMPACT
Massive switch to e-commerce fails to compensate for the closure of physical stores
Digital tools increasingly important
A slow recovery towards the end of 2020
RECOVERY AND OPPORTUNITIES
Slow return to pre-pandemic sales levels
Informal styles for home wear likely to be a key trend
Retailers will need to focus on safe environments
CATEGORY DATA
Table 43 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020Table 44 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020
Table 45 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019
Table 46 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019
Table 47 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020
Table 48 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025
Table 49 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025
Luxury Eyewear in Mexico
KEY DATA FINDINGS
2020 IMPACT
Significant switch to e-commerce not enough to compensate for the closures of physical stores
Home seclusion leads to lower demand for luxury sun glasses
Slow recovery towards the end of 2020
RECOVERY AND OPPORTUNITIES
Strong rebound in growth rates, while actual sales take time to recover
E-commerce set to continue to grow
Special collections likely to be introduced to drive sales
CATEGORY DATA
Table 50 Sales of Luxury Eyewear by Category: Value 2015-2020Table 51 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020
Table 52 NBO Company Shares of Luxury Eyewear: % Value 2015-2019
Table 53 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019
Table 54 Distribution of Luxury Eyewear by Format: % Value 2015-2020
Table 55 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025
Table 56 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025
Luxury Jewellery in Mexico
KEY DATA FINDINGS
2020 IMPACT
Significant change in purchasing behaviour during the pandemic
Digitisation key during the pandemic
Lower average unit purchase prices for affordable luxury jewellery
RECOVERY AND OPPORTUNITIES
Strong growth, but absolute sales will take some time to reach pre-pandemic levels
New sales strategies
Digitisation set to be further developed
CATEGORY DATA
Table 57 Sales of Luxury Jewellery by Category: Value 2015-2020Table 58 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020
Table 59 NBO Company Shares of Luxury Jewellery: % Value 2015-2019
Table 60 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019
Table 61 Distribution of Luxury Jewellery by Format: % Value 2015-2020
Table 62 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025
Table 63 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025
Luxury Leather Goods in Mexico
KEY DATA FINDINGS
2020 IMPACT
Closures of physical stores severely impact sales during the pandemic
Travel restrictions limit sales of luxury leather goods
Lack of social interaction negatively impacts luxury bags and small leather goods
RECOVERY AND OPPORTUNITIES
A rapid return to growth
Digitisation increasingly important
Delivering a luxury experience outside of physical stores a key challenge for players
CATEGORY DATA
Table 64 Sales of Luxury Leather Goods: Value 2015-2020Table 65 Sales of Luxury Leather Goods: % Value Growth 2015-2020
Table 66 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019
Table 67 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019
Table 68 Distribution of Luxury Leather Goods by Format: % Value 2015-2020
Table 69 Forecast Sales of Luxury Leather Goods: Value 2020-2025
Table 70 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025
Luxury Portable Consumer Electronics in Mexico
KEY DATA FINDINGS
2020 IMPACT
The closure of physical stores leads to lower sales during the pandemic
E-commerce sales of luxury wearables do not benefit to the same extent as other luxury goods
Luxury mobile phones remains negligible
RECOVERY AND OPPORTUNITIES
A rapid return to strong growth
Some consumers may opt for standard products
E-commerce may take some time to take a major share
CATEGORY DATA
Table 71 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020Table 72 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020
Table 73 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019
Table 74 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019
Table 75 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020
Table 76 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025
Table 77 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2020-2025
Luxury Timepieces in Mexico
KEY DATA FINDINGS
2020 IMPACT
The closure of physical stores at the height of the epidemic severely impacts sales
Personalised digitisation key for high-end timepieces
Launch events go digital
RECOVERY AND OPPORTUNITIES
A rapid return to growth
New launches to remain key
Digital events to remain key
CATEGORY DATA
Table 78 Sales of Luxury Timepieces by Category: Value 2015-2020Table 79 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020
Table 80 NBO Company Shares of Luxury Timepieces: % Value 2015-2019
Table 81 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019
Table 82 Distribution of Luxury Timepieces by Format: % Value 2015-2020
Table 83 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025
Table 84 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025
Luxury Writing Instruments and Stationery in Mexico
KEY DATA FINDINGS
2020 IMPACT
Closure of physical stores during the height of the epidemic leads to severe sales losses in 2020
Faber-Castell active in social media
Seasonality remains a key aspect despite the pandemic
RECOVERY AND OPPORTUNITIES
Luxury writing instruments and stationery sales to bounce back
Weak economy may result in fewer aspirational purchases
Fewer occasions to show off status symbols
CATEGORY DATA
Table 85 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020Table 86 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020
Table 87 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019
Table 88 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019
Table 89 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020
Table 90 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025
Table 91 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025
Super Premium Beauty and Personal Care in Mexico
KEY DATA FINDINGS
2020 IMPACT
The surge in e-commerce sales is not enough to prevent severe overall losses during the pandemic
Social distancing and home seclusion discourage the use of some products
Skin care takes less of a hit
RECOVERY AND OPPORTUNITIES
A rapid return to strong growth
Sanitary measures will mean an end to sampling for some time to come
Limited editions likely to remain key
CATEGORY DATA
Table 92 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020Table 93 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020
Table 94 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019
Table 95 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019
Table 96 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020
Table 97 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025
Table 98 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025
Why buy this report?
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.
Want to find out more about this report?
Request more informationComplete Catalogue
Country Reports
- Luxury Goods in Argentina | Jan 2021
- Luxury Goods in Australia | Jan 2021
- Luxury Goods in Brazil | Jan 2021
- Luxury Goods in Canada | Jan 2021
- Luxury Goods in China | Jan 2021
- Luxury Goods in France | Jan 2021
- Luxury Goods in Germany | Jan 2021
- Luxury Goods in Hong Kong, China | Jan 2021
- Luxury Goods in India | Feb 2021
- Luxury Goods in Indonesia | Jan 2021
- Luxury Goods in Italy | Jan 2021
- Luxury Goods in Japan | Jan 2021
- Luxury Goods in Malaysia | Feb 2021
- Luxury Goods in Poland | Jan 2021
- Luxury Goods in Romania | Jan 2021
- Luxury Goods in Russia | Jan 2021
- Luxury Goods in Singapore | Jan 2021
- Luxury Goods in South Africa | Feb 2020
- Luxury Goods in South Korea | Jan 2021
- Luxury Goods in Spain | Jan 2021
- Luxury Goods in Sweden | Jan 2021
- Luxury Goods in Switzerland | Jan 2021
- Luxury Goods in Taiwan | Jan 2021
- Luxury Goods in Thailand | Jan 2021
- Luxury Goods in the Netherlands | Jan 2021
- Luxury Goods in the Philippines | Jan 2021
- Luxury Goods in the United Arab Emirates | Jan 2021
- Luxury Goods in the United Kingdom | Jan 2021
- Luxury Goods in the US | Jan 2021
- Luxury Goods in Turkey | Jan 2021
- Luxury Goods in Ukraine | Jan 2021
Strategy Reports
Company Reports
- Bulgari SpA in Luxury Goods | Jan 2011
- Burberry Group Plc in Luxury Goods | Jul 2018
- Coach Inc in Luxury Goods | Mar 2015
- Compagnie Financière Richemont SA in Luxury Goods | May 2014
- Fifth & Pacific Companies Inc in Luxury Goods | Jul 2014
- Gucci Group NV in Luxury Goods | Nov 2010
- Hermès International SCA in Luxury Goods | Mar 2016
- Kering SA in Luxury Goods | Jan 2016
- LVMH Moët Hennessy Louis Vuitton SA in Luxury Goods | Mar 2018
- Moncler SpA in Luxury Goods | Jun 2014
- Polo Ralph Lauren Corp in Luxury Goods | May 2013
- PPR SA in Luxury Goods | Jun 2013
- Prada SpA in Luxury Goods | Mar 2016
- Ralph Lauren Corp in Luxury Goods | Jul 2019
- Richemont SA, Cie Financière in Luxury Goods | Mar 2015
- Salvatore Ferragamo SpA in Luxury Goods | Oct 2019
- Swatch Group Ltd, The in Luxury Goods | Jan 2011
- Tiffany & Co in Luxury Goods | Jun 2013
- Tory Burch Llc in Luxury Goods | Jun 2014
- Valentino Fashion Group SpA in Luxury Goods | Jan 2011
Complete Catalogue
Country Reports
- Luxury Goods in Argentina | Jan 2021
- Luxury Goods in Australia | Jan 2021
- Luxury Goods in Brazil | Jan 2021
- Luxury Goods in Canada | Jan 2021
- Luxury Goods in China | Jan 2021
- Luxury Goods in France | Jan 2021
- Luxury Goods in Germany | Jan 2021
- Luxury Goods in Hong Kong, China | Jan 2021
- Luxury Goods in India | Feb 2021
- Luxury Goods in Indonesia | Jan 2021
- Luxury Goods in Italy | Jan 2021
- Luxury Goods in Japan | Jan 2021
- Luxury Goods in Malaysia | Feb 2021
- Luxury Goods in Poland | Jan 2021
- Luxury Goods in Romania | Jan 2021
- Luxury Goods in Russia | Jan 2021
- Luxury Goods in Singapore | Jan 2021
- Luxury Goods in South Africa | Feb 2020
- Luxury Goods in South Korea | Jan 2021
- Luxury Goods in Spain | Jan 2021
- Luxury Goods in Sweden | Jan 2021
- Luxury Goods in Switzerland | Jan 2021
- Luxury Goods in Taiwan | Jan 2021
- Luxury Goods in Thailand | Jan 2021
- Luxury Goods in the Netherlands | Jan 2021
- Luxury Goods in the Philippines | Jan 2021
- Luxury Goods in the United Arab Emirates | Jan 2021
- Luxury Goods in the United Kingdom | Jan 2021
- Luxury Goods in the US | Jan 2021
- Luxury Goods in Turkey | Jan 2021
- Luxury Goods in Ukraine | Jan 2021
Strategy Reports
Company Reports
- Bulgari SpA in Luxury Goods | Jan 2011
- Burberry Group Plc in Luxury Goods | Jul 2018
- Coach Inc in Luxury Goods | Mar 2015
- Compagnie Financière Richemont SA in Luxury Goods | May 2014
- Fifth & Pacific Companies Inc in Luxury Goods | Jul 2014
- Gucci Group NV in Luxury Goods | Nov 2010
- Hermès International SCA in Luxury Goods | Mar 2016
- Kering SA in Luxury Goods | Jan 2016
- LVMH Moët Hennessy Louis Vuitton SA in Luxury Goods | Mar 2018
- Moncler SpA in Luxury Goods | Jun 2014
- Polo Ralph Lauren Corp in Luxury Goods | May 2013
- PPR SA in Luxury Goods | Jun 2013
- Prada SpA in Luxury Goods | Mar 2016
- Ralph Lauren Corp in Luxury Goods | Jul 2019
- Richemont SA, Cie Financière in Luxury Goods | Mar 2015
- Salvatore Ferragamo SpA in Luxury Goods | Oct 2019
- Swatch Group Ltd, The in Luxury Goods | Jan 2011
- Tiffany & Co in Luxury Goods | Jun 2013
- Tory Burch Llc in Luxury Goods | Jun 2014
- Valentino Fashion Group SpA in Luxury Goods | Jan 2011