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.
Health and wellness has been a key consumer trend across many product areas around the world for a number of years, and has been notably gaining in relevance in Mexico in recent times. The COVID-19 crisis has seen the rise in consumer health-awareness accelerate significantly both because of the immediate threat of COVID-19 and the potential impacts of the sedentary lifestyles and poor diets associated with lockdowns.
As in other categories, luxury portable consumer electronics has seen sales through e-commerce grow during the COVID-19 crisis thanks to the closure of physical stores as part of measures introduced to limit the spread of the disease, as well as new restrictions for people aged 65 years and over, pregnant women and children, which affected sales through physical channels but helped to increase online sales. While e-commerce is a very important channel for wearables, it can be difficult to sell expensive products online because the channel can struggle to offer a pleasurable experience of exclusivity comparable to that of brick-and-mortar outlets.
Luxury wearables will remain the driving category in luxury portable consumer electronics during the forecast period, with luxury mobile phones remaining negligible in Mexico for much the same reasons as witnessed prior to the health crisis. Even status-conscious consumers tend to be focused on the technological aspects of smartphones rather than more aesthetic factors, with demand weighted towards manufacturers and brands with a strong technological positioning, such as Apple.
Luxury brands were already beginning to explore portable consumer electronics as digital technologies increasingly undermined the functional relevance of products such as writing instruments and timepieces. The health and wellness trend, in combination with the move towards the quantification of the self (the trend of tracking one’s life) driven by the ready availability and portability of digital technologies, has provided further motivation for luxury brands to develop portable consumer electronics.
With the increasing consumer interest in health and fitness evolving, smart wearables are becoming more focused on the needs of particular consumers and activities. As timepiece brand, Tag Heuer, addresses the fact that smartphones have rendered traditional watches largely redundant in purely functional terms, it is moving into products such as the Tag Heuer Golf 2020 Edition.
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Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.See All of Our Definitions
This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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