Home Furnishings in Mexico - New Market Study Published

2013 was a very bad year for the Mexican economy and consumers had to considerably adapt their budgets, leaving high-priced purchases for more prosperous times. During 2014, despite the slow recovery and final GDP growth of only 2.1%, which despite being higher than in 2013 was also much below expectations, there was a slightly better environment and the growing expansion of international specialist chains also helped home furnishings sales growth. Domestic companies improved price promotions by offering significant discounts in many categories within home furnishings, citing special events such as "end-of-season" sales. Additionally, domestic companies, retailers and department stores set stronger strategies in terms of deferred payments, sometimes even in addition to price discounts, particularly for special occasions such as Mother’s Day, Christmas season, and El Buen Fin, which is the Mexican version of Black Friday. These deferred payments promotions have increased interest among consumers, especially regarding the purchase of high-priced products such as furniture, and according to companies, have helped the category’s performance even in hard economic times.

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Competitive Landscape

The competitive landscape was led by El Puerto de Liverpool SAB de CV with a value share of 9% in 2014. This was mainly due to the commanding lead held by its Haus private label range in the indoor furniture category. Philips Mexicana SA de CV ranked second overall with a 4% value share thanks to its leading position in lighting, while Muebles Dico SA de CV, another indoor furniture manufacturer, rounded out the top three with a 2% value share. All of these companies hold a good brand positioning among consumers, thus benefiting from its popularity, special offers, wide availability across the country and, recently, even more so, from promotions that encourage consumers to make deferred payments without interest when purchasing with some credit cards.

Industry Prospects

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