From 2013 to 2023, the expenditure on home furnishings in Mexico saw significant fluctuations. Starting from 118.35 billion pesos in 2013, the expenditure dipped slightly in 2014 by 2.7%. The period between 2015 and 2019 experienced steady growth with minor fluctuations culminating at 146.29 billion pesos. The most notable downturn was in 2020, where household expenditure plunged by 16.46%, likely due to the COVID-19 pandemic. However, the market rebounded strongly in 2021 with a 31.45% increase, eventually stabilizing at 166.46 billion pesos in 2023, a slight decrease of 1.18% from the previous year.
Looking ahead, from 2024 to 2028, the expenditure is forecasted to continue its upward trajectory, culminating at 189.18 billion pesos in 2028. The forecast indicates a moderate average annual growth rate (CAGR) of 2.03% over the next five years.
Trends to watch for:
- Consumer behavior shifts post-pandemic
- Impact of economic policies on disposable income
- Emergence of smart and sustainable home furnishing products