Personal accessories in 2024: The big picture
Although overall personal accessories in Mexico is expected to show low growth in retail volume terms and solid growth in retail current value terms in 2024, these growth rates are set to be lower than in the last couple of years. Performances are also anticipated to be polarised depending on the category and the target audience.
2024 key trends
In Mexico, there is a growing trend towards second-hand luxury shopping, which has become a popular choice, especially amongst younger consumers. Since the pandemic, both sales of second-hand luxury items, and interest in selling or renting these products, have notably increased.
Competitive landscape
Hermès is expected to maintain its lead in bags and luggage in Mexico in retail value terms in 2024, while its main competitor, second-placed Louis Vuitton, has been losing ground, and this is set to continue in 2024. Hermès has managed to drive sales in the country not only through innovative designs, but also through its engagement strategies with the public.
Retailing developments
Although most sales of traditional and connected watches are still in offline stores, the category has been influenced by the increasing popularity of e-commerce and digital marketing. A number of consumers now prefer online shopping, leading brands to enhance their digital presence by investing in immersive online experiences, including virtual try-ons and personalised recommendations.
What next for personal accessories?
Economic expectations are improving, and inflation is expected to continue to be controlled in Mexico; for 2025, inflation is projected to be closer to Banxico’s target, at around 3.3%.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories 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:
- Bags and Luggage
- Jewellery
- Watches
- Writing Instruments
If you're in the Personal Accessories 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.
The Personal Accessories in Mexico report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Personal Accessories in Mexico?
- Which are the leading brands in Personal Accessories in Mexico?
- How significant is tourism in determining sales and demand for Personal Accessories in Mexico?
- How are COVID-19 and global recession impacting demand for Personal Accessories in Mexico?
- In the wake of COVID-19, how soon can Personal Accessories be expected to recover? Where are the opportunities for growth now?
- Where is future growth expected to be most significant?
Personal Accessories in Mexico
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in Mexico
KEY DATA FINDINGS
Bags and luggage faces a slowdown in growth amidst rising prices
Mexicans shift focus from upgrading possessions to experiences
“Hermès in the Making” exhibition raises the brand’s profile
The surge in second-hand luxury shopping amongst young Mexicans
Luxury handbags set to maintain growth
Technology is set to redefine luggage design
Jewellery in Mexico
KEY DATA FINDINGS
The resilience of fine jewellery in Mexico
Gold continues to be a favoured choice in fine jewellery
Bizzarro launches a unisex jewellery collection to celebrate diversity
Consumers favour in-store shopping for fine jewellery
Luxury jewellery brands embrace Mexican culture to drive expansion
The expected continued decline of wedding rings and baptismal medals in Mexico
Traditional and Connected Watches in Mexico
KEY DATA FINDINGS
Traditional watches leads the way
The decline of fashion brands in watches in Mexico
Swatch Group strengthens its leadership
The repatriation of purchases of high watches
From Asian- to US-focused watch collections
Retail e-commerce and digital marketing likely to be key growth drivers
Writing Instruments in Mexico
KEY DATA FINDINGS
Stable growth for pens and graphite pencils, but non-essential categories lose momentum
Newell Brands consolidates its business lines to boost growth in Latin America
Société Bic expands in Mexico with a new manufacturing plant in Coahuila
Cost-saving strategies: Walmart’s Pen+Gear
Faber-Castell: Connecting with consumers through a colourful campaign
Montblanc’s tribute to Jane Austen in limited edition pens
The following categories and subcategories are included:
Personal Accessories
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- Backpacks
- Business Bags
- Crossbody Bags
- Duffel Bags
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- Non-Luxury Handbags
- Luxury Handbags
- Wallet and Coin Pouches
- Other Small Bags
- Luggage
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- Costume Jewellery
- Fine Jewellery
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- Basic Mechanical Watches
- Mid Mechanical Watches
- High Mechanical Watches
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- Basic Quartz Analogue Watches
- Mid Quartz Analogue Watches
- High Quartz Analogue Watches
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- Basic Quartz Digital Watches
- Mid Quartz Digital Watches
- High Quartz Digital Watches
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- Basic Quartz Analogue Watches
- Basic Quartz Digital Watches
- Basic Mechanical Watches
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- Mid Quartz Analogue Watches
- Mid Quartz Digital Watches
- Mid Mechanical Watches
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- High Quartz Analogue Watches
- High Quartz Digital Watches
- High Mechanical Watches
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- Basic Activity Watch (Analogue)
- Mid Activity Watch (Analogue)
- High Activity Watch (Analogue)
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- Basic Activity Watch (Digital)
- Mid Activity Watch (Digital)
- High Activity Watch (Digital)
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- Basic Smart Wearables
- Mid Smart Wearables
- High Smart Wearables
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- Colouring
- Markers and Highlighters
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- Graphite Pencils
- Mechanical Pencils
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- Ball Point Pens
- Fountain Pens
- Roller Ball Pens
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- Pen Inkwells and Refills
- Pencil Lead Refills
- Other Writing Accessories
Personal Accessories
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
See all of our definitionsWhy buy this report?
- 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
This report originates from Passport, our Personal Accessories research and analysis database.
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