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.
