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Euromonitor has measured the value of the luxury market between 2016 and 2021.
The idea of repatriating luxury is part of a concept that has escalated in the market, given the normalization of consumption in the face of the post-pandemic and inflation.
repatriate luxury it’s a insight discovered by Mido and in this interview with Edgar Embriz, Brand Manager of the brand in Mexico to Market2.0the brand that competes against firms in the segment such as Cartier, Omega either Rolexgives an antecedent of the value of the luxury market, which measured by Euromonitorin 2021 it reached a value of 86 billion pesos.
The figure discovered by this firm reveals that in luxury, despite the health contingency, Mexican spending continued to grow, registering numbers from 77 thousand million pesos in 2019 to 81 thousand million pesos in 2020 and later 86 thousand million pesos in 2021.
Merca2.0 – How has the luxury consumer experience been for a watch that competes in this segment?
Edgar Embriz – In the luxury sector we are seeing a very rapid reactivation of the market, at the level of consumption in sales it has grown very strongly. We are above pre-pandemic figures, people are already in shopping malls, at events, returning to the physical part (of sales, going to stores).
It is the return to the street and a normal life. This is a global trend and the segment that has benefited the most is luxury. In the case of Mexico it is verified today, because what people did was travel abroad and bought watches to bring them to the country, today people realized that the same product can be found in Mexico, this is the repatriation of consumption and the other has been the subject of a local consumption already (carried out in luxury) by Mexicans and the reactivation.
Merca2.0 – Based on what were the 2023 strategies defined and what will this model be like, given a consumer already more accustomed to the post-pandemic and inflation?
EE – For 2023 it is the first time that we have launches and very strong ones, with four bets in the year and if the market is reactivating, agile, well we have to get there faster and this is going to be what we are going to do next year.
Within Mexico there are estimated revenues in the luxury market, which have been measured at 292 million dollars for this 2022, according to Statista projections exclusively for platform subscribers.
Given this panorama, a very important resource in consumption is evident and it has to do with the niche that certain brands have carved out in the international market, consolidating themselves as the ones with the highest participation and in a survey conducted by Morgan Stanley, Rolex, Omega and Cartier have 28, 7.5 and 6.9 percent market share, respectively.
“One is consistency, talking about timeframes, limited collections to captive users and how new users are attracted. We have been inviting users to start communicating before having the product in Mexico so that they have access to the product, with increased traffic and anticipated sales, so that when the product arrives”, Daniela Gutiérrez, Marketing and Digital Manager for Mido , about the elements that are important to communicate, so that a luxury product has sales expectations.