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Learn moreAug 2020
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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 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.
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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Overview
Discover the latest market trends and uncover sources of future market growth for the Watches 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 Watches industry in Mexico, our research will save you time and money while empowering you to make informed, profitable decisions.
The Watches in Mexico market research report includes:
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This industry report originates from Passport, our watches 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.