Luxury Timepieces in Mexico

PROSPECTS

Luxury timepieces expected to record further growth over the forecast period

Luxury timepieces are targeted at high-income earners, a group which is generally not impacted by inflationary pressures or economic slowdowns and is able to maintain its purchasing power regardless of macroeconomic performance. This explains why luxury timepieces is predicted to continue to record healthy growth over the forecast period, with many brand owners also expanding their retailing networks in Mexico.

Some luxury brands stick with tradition despite new technologies

Smartwatches is a growing category within the luxury goods industry, as illustrated by the recently launched TAG Heuer Connected and Montblanc Summit models. However, other luxury brand owners are choosing to remain focused on traditional mechanisms, which they consider the essence of their labels.

Luxury timepieces target new generations

As part of their strategy for growth, brand owners of luxury timepieces are focusing their innovation and marketing activities on millennials, for example by targeting influencers on social media networks like Instagram. Specific examples include the Facebook profile of Berger Joyeros, a luxury jewellery and timepieces retailer, and Twitter advertisements from El Palacio de Hierro, a high-end department store.

COMPETITIVE LANDSCAPE

Richemont de México maintains its leading position

Montblanc, Cartier, Jaeger-LeCoultre and Vacheron Constantin are some of the brands which Richemont distributes in Mexico. However, its leadership is mainly down to Cartier.

TAG Heuer looking to benefit from limited editions

Luxury timepieces specifically designed for the Mexican market are another reflection of the potential which players see in the country. For example, under its TAG Heuer brand, LVMH launched the Carrera Heuer-01 Ángel México, a 100-unit limited edition timepiece in honour of the Independence Angel, an emblematic symbol of Mexico City.

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