The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
Learn moreEuromonitor addresses your unique questions and challenges across all B2B and B2C industries and geographies through custom, tailor-made research projects, designed to your specific goals.
Learn moreAug 2020
US$1,210Added to Cart
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!
The emergence of COVID-19 in Mexico in 2020 and the subsequent lockdown measures introduced by the government resulted in many consumers being urged to remain at home wherever possible, including work-from-home strategies, restricted movement, and a focus on prioritising spending on basic essentials such as groceries, medicines and surface care. The lack of opportunities to socialise outside, working from home, and financial concerns, a factor already emerging in 2019 with a marginal contraction in the country’s GDP and exacerbated by rising unemployment in 2020, particularly for those working within the horeca industry, resulted in strong declines for personal accessories, with discretionary items such as jewellery and watches particularly hard hit as consumers regulated their spending on perceived non-essential items.
The Mexican government announced nationwide restrictions on non-essential economic activities in most municipalities on 30 March, which took effect the following day, with the population urged to stay at home, where possible. On 16 April, the government extended these restrictions to last until 30 May, with the peak of the COVID-19 epidemic in Mexico occurring in May.
Personal accessories in Mexico remained a highly fragmented competitive environment in 2019, with only marginal share losses or gains amongst the leading global brands. An affluent niche consumer group which also comprises international tourists, continued to support strong performances by luxury names including Hermès, Louis Vuitton, Cartier and Yves Saint Laurent, although demand for designer wallet and coin pouches and other small bags had also been driven by aspirational consumers, particularly younger women who had joined the workforce and wanted to indulge in a more affordable luxury item which offers kudos to the wearer.
While e-commerce retained low value share within overall personal accessories towards the end of the review period, it had been steadily gaining ground as a viable alternative distribution channel for price-sensitive consumers who appreciated the wide range of goods and competitive prices to be found. This trend was brought sharply into focus in Q2 2020 when many non-essential retailers including specialists and department stores were forced to close as the government introduced various lockdown measures in response to COVID-19.
Demand for personal accessories in Mexico will remain weak over the forecast period as a whole, with many local consumers likely to remain cautious in their spending following the lockdown due to uncertainty over employment prospects, as the country’s economy was already showing signs of instability in 2019. Many of them are therefore likely to focus on purchasing essential goods and services for the first half of the forecast period at least, with many personal accessories perceived to be discretionary items which can therefore be relinquished.
Files are delivered directly into your account within a few minutes of purchase.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Delivery: Files are delivered directly into your account within a few minutes of purchase.
Overview
Discover the latest market trends and uncover sources of future market growth for the Personal Accessories industry in Mexico with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Personal Accessories industry in Mexico, our research will save you time and money while empowering you to make informed, profitable decisions.
When you purchase this report, you also get the data and the content from these category reports in Mexico for free:
The Personal Accessories in Mexico market research report includes:
Our market research reports answer questions such as:
Why buy this report?
This industry report originates from Passport, our personal goods market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.