Summary

The watch industry in Mexico has a lot of potential and presents a dynamic and exciting environment for retailers and brands. After Brazil, Mexico has the second-biggest watch market in Latin America. The market is growing promisingly despite economic swings, driven by a young, tech-savvy population, rising middle class, and rising disposable income. Rich Mexicans continue to be big fans of Rolex, Omega, Cartier, and Tag Heuer, especially in bigger areas like Guadalajara and Mexico City. The fitness enthusiast and tech-savvy consumer are driving the growth of the smart watch market. The market is dominated by the Apple Watch and Samsung Galaxy Watch. A sizeable portion is held by large department shops like Liverpool and Palacio de Hierro, which draw customers looking for timepieces with a focus on fashion. Mexican watchmaking customs are still influenced by European watchmaking traditions, especially among elder generations. This inclination translates into an emphasis on traditional styles and well-known companies. Rugged timepieces and sports watches are popular because of active lifestyles and outdoor pursuits. Pre-owned luxury watch sales and purchases are becoming more popular due to value and sustainability considerations. For firms to succeed, they will need to adjust to the shifting preferences of tech-savvy millennials and Gen Z. Younger generations looking for fashionable and current designs are catered to by international labels like Michael Kors and local businesses like Daniel Hechter. There is a market for robust, water-resistant watches that appeal to people who enjoy outdoor sports and exercise. Companies are using sustainable production methods and recycled materials more and more to appeal to consumers who care about the environment.

According to the research report "Mexico Watch Market Overview, 2029," published by Bonafide Research, the Mexico Watch Market is expected to grow with more than 6.50% CAGR from 2024 to 2029. Despite some ups and downs, Mexico's economic recovery has resulted in a larger middle class with more disposable income. Demand for watches is driven by this market segment, especially in the fashion and mid-range markets. Mexicans' fast urbanization exposes them to a wide range of fashion trends and shapes their view of watches as more than just timepieces. Fashion watches and designs with vibrant colors and distinctive materials are becoming more and more popular as a result of the younger generation's desire for fashionable and expressive timepieces. The growth of internet merchants such as Amazon and Mercado Libre increases accessibility and provides competitive prices, particularly for inexpensive and mid-range timepieces. This ease of use draws in tech-savvy customers and makes buying watches simpler than ever. Mexico's vibrant beach culture and active lifestyle drive demand for robust, water-resistant timepieces, including smartwatches and sports models. Companies that target this market with sporty looks and useful features are becoming more and more successful. Value awareness and sustainability concerns are fueling the pre-owned watch market's expansion in Mexico. Reputable merchants and online marketplaces that specialize in secondhand watches stand to gain from this trend by providing appealing substitutes for brand-new purchases. Watches with cutting-edge features, styles, and trends can pique customers' curiosity and increase sales. Innovations in technology, including smartwatches, also help the market expand. Consumer awareness and desire can be generated by watch makers and merchants through effective marketing and branding efforts. The market may expand if watches are marketed as status symbols or lifestyle items.

Based on movement market is divided into smart watch, Quantz, mechanical, solor & other. Mechanical segment is one of the most preferred segments in Mexico. Decorative accents and complex dial designs are common features of mechanical timepieces. These watches' creative and aesthetic appeal has the potential to have a big impact on customer decisions. It's common to think of mechanical timepieces as long-term investments. The notion that a well-kept mechanical watch might increase in value over time may draw buyers seeking for enduring and priceless items. Mechanical timepieces are frequently connected to history and tradition. Companies having a lengthy history of producing watches may be well-known in the industry and draw in customers who value the legacy and skillfulness of mechanical watches. It's common to think of mechanical timepieces as long-term investments. The notion that a well-kept mechanical watch might increase in value over time may draw buyers seeking for enduring and priceless items.

Based on the product range of the market is divided into low- range, Mid-range, luxury. Low range is leading the market. Low-cost timepieces serve a wide range of customers, including those with little extra money to spend. If the bulk of people are in the lower- to middle-class range, this group overtakes all others in terms of sheer volume. In a frugal society, timepieces are seen as useful instruments for keeping track of time rather than as luxury goods. Budget-friendly solutions typically provide adequate durability and basic functionality for daily use, meeting this necessary requirement without going beyond budget. Low-cost watches are more likely to be well-liked by customers searching for stylish but affordable accessories since they fit in with the latest fashion trends and styles. Cheap quartz movements that run on batteries are frequently found in low-end timepieces; these movements require little upkeep and repair. This simplicity is consistent with the desire for pragmatism and the avoidance of long-term financial obligations.

Based on the End user the market can be categorized by male, female, unisex. Sports and adventure watches are in demand in Mexico; men may be particularly drawn to this market. It's possible that men are more likely to buy watches with functions appropriate for outdoor activity. Gifts of timepieces are popular, and in certain cultures, men may get watches as presents for important occasions or holidays. This custom may have something to do with the male segment's supremacy. Mexican watch advertising mostly catered to men, utilizing male models and emphasizing themes of accomplishment, success, and power. This focused promotion served to further solidify the idea that timepieces are a "male" accessory.

Based on type of Distribution Channel the market can be categorized by retail store, specialty store, and online retail. In Mexico, the specialty store sector is becoming more significant in the watch industry. More and more Mexican customers are looking for a variety of watch brands, styles, and designs to fit their unique tastes and lifestyles. To satisfy the many tastes and preferences of their customers, specialty shops provide carefully chosen collections of timepieces from different brands, such as luxury, fashion, and sports watches. Specialty shops attract collectors and watch aficionados with their rare and limited-edition watch collections from well-known brands. In order to build brand loyalty and increase sales, these stores give brands a stage on which to present their most recent products, develop brand experiences, and interact with consumers.

Considered in this report:
• Geography: Mexico
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:
• Mexico Watch market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Movement:
• Smart watch
• Quartz
• Mechanical
• Solar & other

By Product Range:
• Low- range
• Mid-range
• Luxury

By End user:
• Male
• Female
• Unisex
By Distribution channel:
• Retail store
• Speciality store
• Online retail

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Watch industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

ページTOPに戻る

Table of Contents