The household expenditure on footwear in Mexico saw a general upward trend from 2013 to 2019, marked by steady annual increases. The year 2020 recorded a significant decline of 25.71% due to the pandemic, but there was a robust recovery in subsequent years. By 2023, the expenditure stood at 110.6 billion Mexican Pesos, albeit with a 9.52% decline from the previous year. Looking at the last two years, 2022 showed a substantial increase of 27.33%, contrasting sharply with the 2023 decrease. Over the last five years, the CAGR stood at 1.58%, reflecting moderate annual growth.
Future forecasts suggest a gradual rise in household expenditure on footwear, with a CAGR of 1.6% expected over the next five years, predicting a total growth of 8.25% by 2028. This projection indicates a stable yet modest increase in spending.
Future Trends to Watch For:
- Impact of inflation on consumer spending patterns
- Changes in consumer preferences towards sustainable and ethical footwear
- The influence of e-commerce growth on footwear purchase habits
- Potential economic recovery and its effects on discretionary spending
