Market Size of Mexico Luxury Goods Industry
| 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 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 Size Summary
The luxury goods market in Mexico is experiencing significant growth, driven by a robust demand for high-end products and the country's status as a leading destination for luxury travel in North America. The market benefits from Mexico's economic stability and its openness to international trade, supported by numerous free-trade agreements. The rise of e-commerce has further fueled market expansion, allowing consumers easy access to product information and prices, which has enhanced the appeal of online shopping, particularly among Gen Z and millennials. Despite the challenges posed by the Covid-19 pandemic, which affected consumer confidence and spending, the market has shown resilience and recovery, aided by the resurgence of cross-border trade and international tourism.
The competitive landscape of Mexico's luxury goods market is marked by the presence of both domestic and international brands vying for market share. Major players are focusing on strategies such as new product development, mergers, expansions, acquisitions, and partnerships to enhance brand visibility and customer engagement. The tourism sector's growth continues to contribute to the market's expansion, with affluent tourists frequently purchasing luxury items from international brands' local stores. This market dynamic is further supported by the introduction of luxury products in Mexico ahead of other countries, reflecting the nation's significance in the global luxury market.
Mexico Luxury Goods Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Clothing and Apparel
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2.1.2 Footwear
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2.1.3 Bags
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2.1.4 Watches
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2.1.5 Jewelry
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2.1.6 Other Accessories
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2.2 By Distibution Channel
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2.2.1 Single-Brand Stores
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2.2.2 Multi-Brand Stores
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2.2.3 Online Stores
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2.2.4 Other Distribution Channels
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Mexico Luxury Goods Market Size 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.
