Consumers of luxury jewellery like to inspect products and even try them on in physical stores prior to purchasing, as well as receive advice from qualified sales consultants. Department stores and watch and jewellery specialist retailers are therefore the main channel for these products in Mexico.
Given the closure of the major physical retail outlets for luxury jewellery for long periods during the pandemic, digitisation became increasingly important in order 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 purchase process either through e-commerce or by phone/WhatsApp.
A decline in average purchase prices of affordable luxury brands was observed in 2020, suggesting than consumers were tending to either buy less units than before the pandemic or lower-priced items. Social distancing was clearly one of the factors discouraging consumption, whilst the economic impact of the many business closures on the personal and household disposable incomes of many consumers of luxury jewellery also clearly led many to cut back on their spending.
Luxury jewellery is anticipated to record double-digit constant 2020 retail value growth in 2021 and 2022, followed by good growth rates over the reminder of the forecast period. Even so, absolute value sales will not exceed pre-pandemic levels until 2024, such was the devastation wrought by the COVID-19 pandemic in 2020.
As well as continuing to offer contactless shopping models, such as e-commerce and WhatsApp and telephone consultations, retailers may also consider in-store shopping by appointment with individual customers. Some players already implemented this approach in 2020 during the first days of reopening but given the resurgence in the number of infections globally, this approach may be a vital part of the strategy going forward in order to allay customers’ fears around social contact.
The experience around purchasing luxury jewellery is often regarded as an important factor by many consumers. Brands and retailers have traditionally invested in making the process a memorable and unique experience for their customers.
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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 report originates from Passport, our Luxury Jewellery research and analysis database.
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