Mexico Luxury Goods Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.83 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Luxury Goods Market Analysis
Mexico luxury goods market is projected to register a CAGR of 6.83 % during the forecast period, 2022-2027.
The country has a sizably high demand for luxury goods. Additionally, Mexico continues to be North America's top destination for luxury travel, making it distinct as a major market for the sale of luxury goods. Further, the development of e-commerce has made it simple to get product-related data and prices at any time through internet sources. This has helped the luxury market in Mexico as a whole continue to expand. Mexico, a nation of 130 million people, is a desirable market due to its economic stability and openness to international trade, as evidenced by the existence of no fewer than 12 free-trade agreements. For businesses looking to grow across the Atlantic, Mexico offers lucrative opportunities for luxury brands to flourish in the region's luxury goods market space.
The fashion and luxury industries have been heavily damaged by the Covid-19 crisis across Mexico. The pandemic had a significant impact on how consumers view their financial circumstances, according to a survey by the Index of Consumer Sentiment (ICS). This has had a particularly negative impact on high-income clients and, as a result, their trust in making discretionary purchases. However, the market has shown substantial recovery since the second quarter of 2021 due to the reopening of cross-border trades and international tourism.
Mexico Luxury Goods Market Trends
This section covers the major market trends shaping the Mexico Luxury Goods Market according to our research experts:
Increasing Preference for E-commerce Platform to Purchase Luxury Goods
The demand for luxury goods has increased in Mexico as a result of consumers' growing preference for online retail stores when buying various accessories. Through e-commerce platforms, people are more likely to buy various luxury goods including shoes, purses, jewelry, watches, and other similar products. Due to the convenience involved, online transactions are more appealing to Gen Z and millennials. According to Mexico's Asociacion Mexicana de Venta Online, in 2020, 29% of consumers between the ages of 36 and 48 and 36% of consumers between the ages of 25 and 34 showed an interest in online purchases. Additionally, the website's ease of access and secure payment methods have given online shopping channels an advantage. The major market players are also working to improve the efficiency and convenience of clients' buying experience by allowing them to virtually try on high-end products before making a transaction.
Tourism Driving the Growth of Luxury Goods Market in Mexico
The continued expansion of the tourism sector is responsible for the luxury goods market's steady growth in Mexico. Wealthy families who visit the nation frequently purchase luxury goods from the local stores of various international brands. Since this category of consumers is heavily influenced by fashion, they make up the bulk of purchasers. Due to Mexico's robust economy, prominent global corporations frequently introduce their luxury items here earlier than in many other nations across the world. Luxury leather goods, luxury portable consumer electronics, luxury watches, and perfumes are items that tourists frequently encounter and are associated with Mexico.
Mexico Luxury Goods Industry Overview
The luxury goods market in Mexico is highly competitive, with both domestic and foreign brands competing for the market share. Key companies are emphasizing new product development, merger, expansion, acquisition, and partnerships to increase their brand awareness among customers. For example, In April 2022, The luxury department store chain El Palacio de Hierro in Mexico announced its intentions to build a new store in the Coyoacán neighborhood of southern Mexico City's Mitikha mixed-use community. Giorgio Armani S.p.A., Kering Group, Louis Vuitton North America, Inc., Rolex SA, Hermès, The Estée Lauder Companies, Patek Philippe SA, The Swatch Group, and Richemont are a few of the major companies in the Malaysia luxury goods market.
Mexico Luxury Goods Market Leaders
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Rolex SA
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Hermes
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Kering Group
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Giorgio Armani S.p.A
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LVMH Moet Hennessey Louis Vuitton
*Disclaimer: Major Players sorted in no particular order
Mexico Luxury Goods Market News
- In February 2022, TOUS, the Spanish luxury brand launched a new concept store in Kuala Lumpur, Malaysia. The new boutique features a large assortment of key categories including bags, jewelry, gemstones, and perfumes.
- In November 2021, Chanel announced the opening of its new store in Malaysia, dedicated to the brand's shoe collections.
- In October 2020, Hermès launched its first beauty line, Rouge Hermès - a debut lipstick collection that is devoted to the 'beauty of lips'. The new category expansion began with 24 refillable lipsticks available in two finishes (satin and matte) and followed by foundation, eyes, and cheek colors as well as skincare.
Mexico Luxury Goods Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Porter's Five Force Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Clothing and Apparel
- 5.1.2 Footwear
- 5.1.3 Bags
- 5.1.4 Watches
- 5.1.5 Jewelry
- 5.1.6 Other Accessories
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5.2 By Distibution Channel
- 5.2.1 Single-Brand Stores
- 5.2.2 Multi-Brand Stores
- 5.2.3 Online Stores
- 5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 The Estee Lauder Companies
- 6.3.2 H & M Hennes & Mauritz AB (H&M)
- 6.3.3 Compagnie Financière Richemont SA
- 6.3.4 Rolex SA
- 6.3.5 Giorgio Armani S.p.A
- 6.3.6 Kering
- 6.3.7 Hermès
- 6.3.8 PRADA S.P.A.
- 6.3.9 The Swatch Group
- 6.3.10 Patek Philippe SA
- 6.3.11 LVMH Moet Hennessy Louis Vuitton
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
Mexico Luxury Goods Industry Segmentation
Luxury goods refer to high-priced personal accessories which are often handcrafted with painstaking detail and discipline, featuring extraordinary craftsmanship, and are built with the highest quality materials. The Mexico luxury goods market is segmented by type and distribution channel. By type, the market is segmented into clothing and apparel, footwear, bags, jewelry, watches, and other accessories. By distribution channel, the market is segmented into single-brand stores, multi-brand stores, online stores, and other distribution channels. The report offers market size and forecasts for the luxury goods market in value (USD million) for all the above segments.
| By Type | Clothing and Apparel |
| Footwear | |
| Bags | |
| Watches | |
| Jewelry | |
| Other Accessories | |
| By Distibution Channel | Single-Brand Stores |
| Multi-Brand Stores | |
| Online Stores | |
| Other Distribution Channels |
Mexico Luxury Goods Market Research FAQs
What is the current Mexico Luxury Goods Market size?
The Mexico Luxury Goods Market is projected to register a CAGR of 6.83% during the forecast period (2024-2029)
Who are the key players in Mexico Luxury Goods Market?
Rolex SA, Hermes, Kering Group, Giorgio Armani S.p.A and LVMH Moet Hennessey Louis Vuitton are the major companies operating in the Mexico Luxury Goods Market.
What years does this Mexico Luxury Goods Market cover?
The report covers the Mexico Luxury Goods Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Luxury Goods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Luxury Goods Industry Report
Statistics for the 2024 Mexico Luxury Goods market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Luxury Goods analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
