The household expenditure on houseware in Mexico has shown substantial growth over the past decade, rising from 48.56 billion pesos in 2013 to 167.2 billion pesos in 2023. This demonstrates a consistent upward trend, except for a slight dip in 2020 likely due to the impact of the global pandemic. The most significant year-on-year increase occurred in 2019 with a 33.69% rise, while 2020 saw a rare decline of -3.36%. The average annual growth rate (CAGR) over the last five years up to 2023 stands at 16.52%, indicating robust market dynamics.
From 2024 onwards, forecasted data suggests a continued upward trajectory, with expenditure expected to reach 266.88 billion pesos by 2028. The forecasted CAGR for this period is 7.31%, which, although lower than the previous five-year period, still signifies solid growth. The projected five-year growth rate is anticipated to be 42.3%.
Future trends to watch for:
- Economic Stability: The overall economic health of Mexico, including GDP growth and inflation rates, will be crucial in sustaining expenditure growth.
- Consumer Behavior: Changes in consumer preferences towards more sustainable and smart home products could shape the houseware market.
- Technological Advancements: Adoption of innovative and technologically advanced houseware products could drive higher expenditures.
- Market Competition: Increased competition and potential entry of global houseware brands could influence market dynamics and pricing strategies.