Both because of the importance of aesthetic factors in purchasing decisions and the high prices commanded by such products, consumers of luxury jewellery like to inspect items and even try them on in physical stores prior to purchasing, as well as to receive advice from qualified sales consultants. Department stores, and watch and jewellery specialist retailers are therefore the main channel for luxury jewellery products in the Mexican market.
Given the closure of the major physical retail outlets for luxury jewellery for long periods during the pandemic, digitalisation became increasingly important in order for retailers and manufacturers to maintain customer contact and loyalty. Many players increased their use of digital media, digital catalogues and online product information and communication in order to facilitate the purchasing process either through e-commerce or by phone/WhatsApp.
Stagnation in the average purchase prices of affordable luxury brands has been observed in 2021, and brands have proven willing to prevent prices from rising until the end of the year, suggesting that consumers have been tending to either buy fewer units than before the pandemic or have opted for lower-priced items. Social distancing has clearly been one of the factors discouraging consumption, whilst the impact of the many business closures due to measures introduced to limit the spread of COVID-19 on personal and household disposable incomes has also clearly led many consumers to cut back on their spending.
Luxury jewellery is expected to record continued double-digit current value growth in 2022 as it recovers to the level of sales seen prior to the outbreak of COVID-19. The category is then expected to continue to see healthy year-on-year growth for the rest of the forecast period.
As well as continuing to offer contactless shopping models, such as e-commerce and WhatsApp and telephone consultations, retailers looking to attract consumers who remain cautious about contracting the SARS-CoV-2 virus that causes COVID-19 are also implementing in-store shopping by appointment with individual customers. This approach also enhances the sense of exclusivity that is central to the identities of luxury brands.
The experience around purchasing luxury jewellery is regarded as important by many consumers. Brands and retailers have traditionally invested in making the process a memorable and unique experience for their customers, with the process becoming integral to the image of luxury brands.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury fine jewellery and luxury costume jewellery.See All of Our Definitions
This report originates from Passport, our Luxury Jewellery research and analysis database.
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