Luxury Goods in Mexico

January 2021
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Overview:

Understand the latest market trends and future growth opportunities for the Luxury Goods 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.

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Experiential Luxury
  • Luxury Hotels
  • Fine Wines/Champagne
  • Premium and Luxury Cars
  • Personal Luxury
  • Designer Apparel and Footwear
  • Luxury Eyewear
  • Luxury Jewellery
  • Luxury Leather Goods
  • Luxury Portable Consumer Electronics
  • Luxury Timepieces
  • Luxury Writing Instruments and Stationery
  • Super Premium Beauty and Personal Care

If you're in the Luxury Goods industry in Mexico, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Luxury Goods in Mexico report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Luxury Goods in Mexico?
  • Which are the leading brands in Luxury Goods in Mexico?
  • How are products distributed in Luxury Goods in Mexico?
  • How important is tourism in evaluating demand for Luxury Goods in Mexico?
  • How is the rise of e-commerce changing the retail and competitive landscape?
  • How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
  • Where is future growth expected to be most dynamic?

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): 2015-2020

MARKET DATA

Table 2 Sales of Luxury Goods by Category: Value 2015-2020 Table 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 Sources

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 10 Sales in Luxury Hotels: Value 2015-2020 Table 11 Sales in Luxury Hotels: % Value Growth 2015-2020 Table 12 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020 Table 13 NBO Company Shares in Luxury Hotels: % Value 2015-2019 Table 14 LBN Brand Shares in Luxury Hotels: % Value 2016-2019 Table 15 Forecast Sales in Luxury Hotels: Value 2020-2025 Table 16 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 17 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020 Table 18 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020 Table 19 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019 Table 20 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019 Table 21 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020 Table 22 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025 Table 23 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 24 Sales of Premium and Luxury Cars: Value 2015-2020 Table 25 Sales of Premium and Luxury Cars: % Value Growth 2015-2020 Table 26 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019 Table 27 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019 Table 28 Forecast Sales of Premium and Luxury Cars: Value 2020-2025 Table 29 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 30 Sales of Personal Luxury by Category: Value 2015-2020 Table 31 Sales of Personal Luxury by Category: % Value Growth 2015-2020 Table 32 NBO Company Shares of Personal Luxury: % Value 2015-2019 Table 33 LBN Brand Shares of Personal Luxury: % Value 2016-2019 Table 34 Distribution of Personal Luxury by Format: % Value 2015-2020 Table 35 Forecast Sales of Personal Luxury by Category: Value 2020-2025 Table 36 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 37 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020 Table 38 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020 Table 39 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019 Table 40 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019 Table 41 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020 Table 42 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025 Table 43 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 44 Sales of Luxury Eyewear by Category: Value 2015-2020 Table 45 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020 Table 46 NBO Company Shares of Luxury Eyewear: % Value 2015-2019 Table 47 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019 Table 48 Distribution of Luxury Eyewear by Format: % Value 2015-2020 Table 49 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025 Table 50 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 51 Sales of Luxury Jewellery by Category: Value 2015-2020 Table 52 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020 Table 53 NBO Company Shares of Luxury Jewellery: % Value 2015-2019 Table 54 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019 Table 55 Distribution of Luxury Jewellery by Format: % Value 2015-2020 Table 56 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025 Table 57 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 58 Sales of Luxury Leather Goods: Value 2015-2020 Table 59 Sales of Luxury Leather Goods: % Value Growth 2015-2020 Table 60 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019 Table 61 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019 Table 62 Distribution of Luxury Leather Goods by Format: % Value 2015-2020 Table 63 Forecast Sales of Luxury Leather Goods: Value 2020-2025 Table 64 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 65 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020 Table 66 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020 Table 67 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019 Table 68 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019 Table 69 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020 Table 70 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025 Table 71 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 72 Sales of Luxury Timepieces by Category: Value 2015-2020 Table 73 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020 Table 74 NBO Company Shares of Luxury Timepieces: % Value 2015-2019 Table 75 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019 Table 76 Distribution of Luxury Timepieces by Format: % Value 2015-2020 Table 77 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025 Table 78 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 79 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020 Table 80 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020 Table 81 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019 Table 82 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019 Table 83 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020 Table 84 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025 Table 85 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 86 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020 Table 87 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 Table 88 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019 Table 89 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019 Table 90 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020 Table 91 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025 Table 92 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025

Experiential 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 93 Sales of Experiential Luxury by Category: Value 2015-2020 Table 94 Sales of Experiential Luxury by Category: % Value Growth 2015-2020 Table 95 NBO Company Shares of Experiential Luxury: % Value 2015-2019 Table 96 LBN Brand Shares of Experiential Luxury: % Value 2016-2019 Table 97 Forecast Sales of Experiential Luxury by Category: Value 2020-2025 Table 98 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025
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This report originates from Passport, our Luxury Goods research and analysis database.

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