Mixed retailers (mainly department stores) and brand-owned boutiques are the largest retail channels for luxury leather goods in the Mexican market. As in several other areas of luxury goods, consumers often prefer to inspect these products before making a definitive purchasing decision, both because of the high prices involved and the importance of aesthetic factors in the choice.
Luxury leather goods products are often purchased by more affluent domestic consumers when planning holidays or international travellers when holidaying in Mexico. However, the current global and domestic travel restrictions and hotels still operating with limited traffic have meant travel plans and activities are lower than usual in 2021, placing further pressure on sales of luxury leather goods.
Luxury bags and small leather goods are often carried as status symbols by wealthier Mexican consumers, many of whom like to show these products off when meeting friends. The slow return of social interaction has led many of these shoppers to reconsider purchasing the latest fashionable products in 2021, which has had an impact on the speed of recovery in the luxury leather goods category.
Luxury leather goods is expected to exceed the level of sales seen immediately prior to the outbreak of COVID-19 by 2022 as it sees another year of double-digit current value growth. The category is then expected to see sales continue to rise year-on-year for the rest of the forecast period.
Consumers of luxury leather goods have been strongly inclined towards e-commerce platforms during 2021. Many shoppers who were previously reluctant to use e-commerce due to concerns about its security or a fear of using this technology have begun to favour the channel and become quickly convinced about its convenience and the safety of its contactless shopping model.
Luxury leather goods players have traditionally invested in creating a high-end customer experience in their physical stores. Wealthier shoppers appreciate these unique and personalised experiences, which serve to support an image of exclusivity for luxury brands.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Leather Goods
This is the aggregation of luxury bags and small leather goods and luxury travel goods.See All of Our Definitions
This report originates from Passport, our Luxury Leather Goods research and analysis database.
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