Mexico continued to see elevated inflation in 2023, although the country still recorded steady GDP growth. Projections for 2024 suggest lower inflation of around 4%, with GDP growth of between 2-3%.
While concerns around visual health increased in Mexico after the pandemic, a large part of the Mexican population is still unaware that they have visual problems, let alone taking action to correct them. The lack of public policies or campaigns carried out by Mexico’s government to promote eye health and the need for regular checkups has also limited awareness.
The Mexican consumer base for eyewear is characterised by a small percentage of individuals with very high purchasing power, while the majority of the population still falls within lower socioeconomic levels, with limited purchasing power. This creates significant polarisation within the competitive landscape with demand based on the consumers' purchasing power.
Optical goods stores dominate the distribution of eyewear in Mexico with the channel having a large number of outlets, but with a strong concentration of sales in major chains that have a nationwide presence. These chains benefit from offering convenient store locations as well as providing the most comprehensive optical services to customers.
According to the expectations of the International Monetary Fund (IMF), the growth of the Mexican economy is expected to decelerate in 2025, as inflation continues to decline. As such, while sales growth is anticipated in eyewear in both value (at constant 2024 prices) and volume terms over the forecast period, it is expected to be more stable than in previous years.
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Understand the latest market trends and future growth opportunities for the Eyewear industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Eyewear
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
See All of Our DefinitionsThis report originates from Passport, our Eyewear research and analysis database.
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