Luxury Timepieces in Mexico

PROSPECTS

A timely reminder that the category is economy-proof

Luxury timepieces are targeted at high-income earners, a group that in 2018-2019 was not generally impacted by Mexico’s economic slowdown and political incertitude arising from presidential elections. This buyer group is able to maintain its purchasing power regardless of macroeconomic performance.

Tradition will keep a strong hand in the industry

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.

Millennials tick the boxes for sales growth

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 such as 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

Bovet and Panerai look to sync with the Mexican market

Bovet 1822, a luxury brand of Swiss watches, has dedicated a 4-piece limited edition to Mexico from its Récital 27 model.

New brands fly the flag on watch designs for patriotic appeal

Luxury timepieces specifically designed for the Mexican market are another reflection of the potential that 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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