Luxury portable consumer electronics consists almost exclusively of luxury wearables in Mexico. These products appeared in the country in 2017 and have enjoyed strong growth ever since.
The e-commerce share of sales of luxury portable consumer electronics remained in single figures in 2019, despite strong growth rates. Although this increased to a double-digit share in 2020, the channel did not witness the explosion in growth enjoyed in some other luxury goods.
Sales of luxury mobile phones remain negligible in Mexico. Consumers tend to prefer standard technology, which is updated regularly by all the major players.
Luxury portable consumer electronics is set to record strong, double-digit constant 2020 retail value growth throughout the forecast period, returning to near-pre-pandemic absolute value sales by 2021. Luxury wearables will remain the driving category, with luxury mobile phones remaining negligible in Mexico for much the same reasons as witnessed prior to the health crisis.
Given the severe impacts on personal and household budgets during the COVID-19 epidemic, as well as the rapid advance in technology in these products, some consumers may opt for standard products going forward, which they can later upgrade to the latest version. The higher prices of luxury options may put even some wealthier consumers off investing in these products, despite the increasing competition from luxury brands such as Apple Hermes, which recently expanded into Mexico.
Although e-commerce clearly benefited from the closure of physical retail outlets during the pandemic, many wealthier consumers of luxury consumer portable electronics may prefer to return to physical retailers as soon as it is safe to do so. The rapid technological advances in wearable electronics mean that many will seek qualified advice until these products become more mainstream in the country, while the high unit prices will doubtless mean that many shoppers will be cautious in ensuring they make the right choice.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics 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 Portable Consumer Electronics research and analysis database.
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