With a new economic enthusiasm, the country is seen by analysts to be the flavor of the month among emerging countries. And in the wake of American recovery, Mexico shows that it has everything to develop a more consistent and profitable high standard market.
There is growing data to prove it. The local economy had a discrete index in 2013, 1.1% better than the previous year. However, according to Ledbury Research Institute, Mexican luxury consumers spent $ 2.7 billion in the same period in products and services in the AAA segment. Only among the international premium brands, 100 000 watches – about three times more than Brazil, for example, with 35 thousand pieces in 2013 (see table below).
Among the most present brands – especially in the capital’s trendy Avenida Presidente Masarik – are the American ones, for an obvious geographical issue: Mexicans travel to America more than Europe. With the high taxes over luxury goods, buyers end up seeing the product in the country, but purchasing it in Miami or New York.
Another data of the study caught the eye of industry executives. In 2013, there were 178 thousand Mexicans with more than $1 million – about 1% of millionaires on the planet. And the forecast for 2017 is that this number will reach 265 000 people.
It´s Mexico time
Here are some numbers on the current state of the luxury sector in the country.
178 000 is the number of millionaires in Mexico
265 000 millionaires should exist in the country in 2017
(Source: Ledbury Research)
US$ 2,7 billion was the amount spent by Mexicans with luxury goods in 2013
50% of luxury brand stores are in Mexico City. Monterrey, Cancun and Guadalajara are a second option
100 000 designer watches were imported by Mexico. In Australia, 102 000. In Russia, 131 000. In Brazil, 35 000.
1.1%, – the second largest in Latin America in 2013
3% is the growth forecast for this year. 4% is the forecast for 2015