Retail value sales of luxury goods in Mexico increased by 12% in 2023 in current terms to amount to MXN286.8 billion.
In spite of headwinds resulting from the cost-of-living crisis, inflation, the war in Ukraine and supply chain issues, sales growth within the market overall was positive during the last year of the review period. Mexico is also home to a number of affluent individuals, with 135,700 calling the country home in 2023, accounting for a 0.
The luxury goods industry remains highly competitive. With mindfulness even creeping into consumer choices, luxury players are focusing more on creating innovative products that offer consumers value, ensuring that the products and services they sell are attractive to consumers.
Digitalisation is reshaping the luxury retail landscape, transforming the way consumers engage with luxury brands and retailers and also influencing how they shop. As a result of this, online shopping is becoming more significant within the luxury sphere, with retailers having to adapt their experiences to attract consumer attention.
Luxury goods’ future is expected to be bright, with demand that built up during the pandemic expected to result in consumers increasingly purchasing high-end products during the forecast period. Retail sales of luxury goods in Mexico are expected to rise at a CAGR of 9% in current value terms (6% constant 2023 value CAGR) over the forecast period to total MXN444.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Mexico, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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