- Index hide1 The luxury market in Mexico is estimated to reach a value of 86 billion pesos during 2021, based on projections from Euromonitor, Credit Suisse and Deloitte.2 Based on international luxury operations, its market value has been $440 billion, according to Frost & Sullivan.3 The story starring a young luxury market enthusiast joins other trends where consumer culture is built around brands.
The luxury market in Mexico is estimated to reach a value of 86 billion pesos during 2021, based on projections from Euromonitor, Credit Suisse and Deloitte.
Based on international luxury operations, its market value has been $440 billion, according to Frost & Sullivan.
The story starring a young luxury market enthusiast joins other trends where consumer culture is built around brands.
The inflation has covered the buying and selling scenario with uncertainty, affecting all product prices, regardless of the industry we are talking about, which is why it is important to know the story of how a young man managed to buy his first luxury bag and just needed to follow a simple hack.
An estimate calculated by the Statista Global consumer Survey revealed that in countries such as Russia and Argentina, concern about inflation exceeds 70 percent of the total number of people who were surveyed. In countries like Mexico this concern is between 40 and 50 percent.
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The uncertainty in the face of this phenomenon marks a terrible precedent in the market and is the one that is described based on the capacity of a brand, to be able to understand the consumption that it triggers and the capacity that it has been able to define in unexpected situations.
A guilty pleasure amid inflation
A user of tiktok showed off her first luxury bag that she bought thanks to the fact that saving. That was the simple financial hack that allowed him to buy a mini bag of the famous Italian brand and said he was satisfied with his purchase, as he assured that he only travels with his card holder and his cell phone.
as the young tiktoker who shared their shopping experience, there are trends around luxury such as those that are made with content where they narrate what the experience of their first luxury bag or accessory was like, while others recommend what luxury product to buy, because far from lose their value appreciate over time, so it becomes an important investment.
Priscy Escoto is one of these people, who has specialized in social networks in narrating all the high-cost purchases she makes, with anecdotes such as the ones in which she tells how much she pays in taxes for her love of high-cost products, generating all kinds of comments about it. Although like her, other profiles have been given the task of doing this exercise.
@theshoppermx LET’S GO TO EUROPE ✈️😂 #luxury #handbags #price difference #saving #trip #Mexico #Europe #ladydior #tip #hacking ♬ I Ain’t Worried – OneRepublic
In the face of luxury, criticism
Although there are all kinds of triggers in social networks, where the purchase of luxury products is promoted, there are serious critics against these products. One of them has been one of the richest men in Mexico, Ricardo Salinas, who recently returned from months of vacation and when he returned to Mexico he showed the suitcases that he used on his trip, none of them sported brand logos. luxury.
The businessman assured his followers that they would not see “any ‘brand’ suitcase, because there is no need to look rich. Advice: Don’t spend on looking like… better invest on being, that’s much more important!”.
We travel light this is our complete luggage 😂.
You won’t see any “brand name” bags here because there is NO NEED to look rich.
Advice: Don’t spend on looking like… better invest on being, that’s much more important! pic.twitter.com/inLFrmeI6H
– Don Ricardo Salinas Pliego (@RicardoBSalinas) August 28, 2022
Luxury consumption is a trend that is measured in billions of dollars and its reach in the market has established trends to which consumers join or against which personalities are launched.