The per capita value of leather apparel in Mexico displayed a declining trend from 2013 through 2023, dropping from $0.39 to $0.23 USD per capita. This represents a consistent decrease with minor fluctuations. Notably, 2016 marked a sharp downturn followed by a continued decline over the subsequent years. The last two years observed minor fluctuations compared to the previous years. The five-year CAGR reveals a negative growth trajectory sustaining market contraction.

Future trends to watch for:

Potential rebound driven by economic recovery and consumer lifestyle changes post-COVID-19.
Shifts in consumer preferences toward sustainable and ethical fashion could affect market dynamics.
Impact of global leather supply chain disruptions and local manufacturing advancements on market recovery.