Watches in Mexico

2020 IMPACT

Watches records strongest volume decline within personal accessories during lockdown due to discretionary nature and alternative devices offering timekeeping

With demand for watches already stagnating in 2019 due to declining GDP in the country and slower uptake of discretionary items in addition to competition offered by digital devices including smartphones, price sensitivity amongst many Mexicans was exacerbated by the response to COVID-19 in 2020, with the local government enforcing various lockdown measures. This resulted in many consumers placing greater priority on purchasing essential goods and services, resulting in strong double-digit volume decline for watches in Q2 2020, with the category delivering the worst performance within personal accessories in demand terms.

Swatch Group retains leadership of watches in 2019 due to wide product portfolio but affluent consumers and collectors appreciate limited editions offered by high mechanical

Swatch Group Mexico SA de CV remained the leading player of watches in 2019, and was the only player in the category to hold double-digit value share overall. Swatch benefits from an extensive product portfolio and gained further value share in quartz analogue watches and mid mechanical watches both of which it leads, while holding less of a presence in quartz digital.

E-commerce gains share but likely to remain small distribution channel for mechanical watches

Non-grocery specialists and department stores remained the largest distribution channels for watches in Mexico, with consumers of mechanical watches, high pieces in particular, appreciating the professional advice that they receive from specialists and the personal attention from sales assistants. They also prefer to try on high mechanical watches before they spend a significant amount of money.

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