Department stores, and watch and jewellery specialists are the key channels for sales of luxury timepieces in the Mexican market, as shoppers for these products are keen to inspect and try on these devices prior to purchasing, whilst also receiving specialist advice around functionality and factors such as the most suitable straps. These non-essential retail outlets were forced to close for a good part of 2020, dramatically impacting category sales during the year.
Players have tried to maintain a personalised and high-end shopping experience for consumers seeking luxury timepieces across store-based retailing and e-commerce during the COVID-19 crisis. There has been a sustained increase in the use of digital media during 2020 and 2021, with players providing digital catalogues and online product information to facilitate the purchasing process, either through e-commerce or by phone/WhatsApp.
Launch events for new collections are important strategies for players within luxury timepieces, and these occasions are often lavish and memorable occasions to which selected clients and media influencers are invited, often with the participation of celebrity endorsers. With the COVID-19 pandemic bringing an end to these occasions in 2020, players had to switch to digital launches in 2021.
Luxury timepieces is expected to see current value growth accelerate in 2022 as consumers become more confident and return to physical stores, with sales set to exceed pre-pandemic levels during the year (it should be noted, though, that sales are not expected to reach 2019 levels at constant 2021 prices by the end of the forecast period). The health crisis has severely impacted personal and household budgets and even the wealthier consumer base for these products has remained cautious in its spending, just starting to resume its usual spending in 2021.
New launches and limited editions play an important role within luxury timepieces and the COVID-19 pandemic has not diminished the importance of these aspects of the category, which are expected to remain key sales drivers during the forecast period. It is therefore important that brands continue to launch new products and limited editions in order to attract the attention of new and existing customers.
Even once consumers have regained confidence about returning to brick-and-mortar stores, digital channels will remain a key element of successful brand development strategies, with the COVID-19 crisis having significantly increased consumers’ digital engagement. With the deepening penetration of digital technologies into consumers’ everyday lives and consciousnesses, digital launches and presentations are likely to remain a key feature of luxury timepieces going forward.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces 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 men's and women's luxury timepieces.See All of Our Definitions
This report originates from Passport, our Luxury Timepieces research and analysis database.
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