Apparel Country Snapshot: Mexico

Apparel Country Snapshot: Mexico Summary This report provides a country snapshot of Mexico's apparel market. The report provides market data on the apparel market size in Mexico, total and online, top brands in the apparel market by market share, the competitive landscape for leading retailers, and consumer insight including how Mexican consumers feel about inflation and how they are adapting their shopping habits. The report also includes key themes in the Mexico apparel market, including commentary on the luxury, resale and sportswear markets. In 2023, Mexico’s economy experienced a slowdown, with real GDP per capita rising just 2.3%, impacted by a deceleration in the US economy and a tight monetary policy, while inflation abated slightly but remained elevated at 5.5%. Mexico's apparel market experienced robust growth of 11.7% to MXN602.0bn in 2023, with a 7.4% rise in volumes, supported by the country’s booming tourism industry. 99.3% of Mexican consumers have concerns about how inflation is affecting their household finances, with over half expressing extreme concern. While Nike remains the biggest brand in the country, with a market share of 3.1% in 2023, Shein is becoming increasingly influential. Key Highlights - Mexico’s apparel market will grow at a CAGR of 6.7% from 2023 to 2028, driven by its burgeoning middle and upper-class population - Clothing will achieve the strongest CAGR of 7.0% between 2023 and 2028, driven by its more regular trend cycles - Online penetration will start to rise again from 2025, as consumers continue to prefer the channel’s convenience - Shein overtook Adidas in 2023 and is hot on Zara’s heels, thanks to its unbeatable prices and rapid delivery of the latest trends Reasons to Buy - Gain an overview of the Mexico apparel market to 2028 - Explore new opportunities that will allow you to align your product offerings and strategies to meet demand following the impact of inflation on the Mexico apparel market - Understand who the main competitors are in the Mexico apparel market and their price positioning