Mexico

Financial cards and payments in Mexico in 2023 has been marked by growth, and adaptation to consumer needs. Post-pandemic economic recovery has been playing a pivotal role in boosting card usage and transaction volumes and values. This recovery,…

Mexico continued to see elevated inflation inn 2023, albeit the country still recorded steady GDP growth. Projections for 2024 suggest lower inflation of around 4%, with GDP growth of between 2-3%. With slower economic growth predicted for 2024, this…

In 2022, demand for eye care rebounded leading to a recovery for retail volume sales to pre-pandemic levels. However, 2023 is showing a more subdued trend. This can be attributed to the inflationary pressures experienced by Mexicans, which are…

The Mexican market is seeing a consumer shift towards spending on more rewarding experiential activities than on material goods. Due to this, value sales of experiential luxury grew by 16% to total MXN121.8 billion in 2023, boosted by a return to…

Despite budget limitations stemming from high inflation, sales of energy drinks sustained a positive trajectory in 2023. This resilience can be attributed to Mexicans' perception of these beverages as a convenient source for a quick energy boost, and…

Continuing the pattern seen in 2022, sales of eggs recorded steady growth in retail volume terms in 2023. The growing popularity of eggs in Mexico at the end of the review period was linked to the fact that these products provide a more affordable…

Price increases of edible oils in Mexico stemming from widespread inflation seen in 2022 persist; however, these are generally slower in 2023. According to Euromonitor International's Voice of the Industry: Food Survey 2023, 90% of the food industry…

The consumption of milk has decreased for the third year in a row in 2023. This is explained, in part, by the evolution of the demographics in the country. The population of children (aged 0 to 14 years old) has been declining consistently and this…

Given the economic situation in the country following the pandemic and the inflation levels seen in 2022, dog food in Mexico has become polarised. There is a significant group of consumers looking to save money, opting for more economical brands of…

Dishwashing maintained retail volume and current value growth in 2023, with rises seen for both hand dishwashing, and all categories within automatic dishwashing. While pandemic-related restrictions on movement had been lifted, the continued…

In Mexico, dishwashers have historically been niche products, with a relatively low household penetration rate. Local consumers have traditionally shown little interest in dishwashers, constrained by economics but also often remaining unconvinced by…

In 2023, discounters saw growth in Mexico in current value terms; albeit at a slower pace compared with the previous year. During 2022, with inflation putting a strain on wallets, households became more price-conscious as their disposable incomes…

In 2023, direct selling achieved positive current value growth for a third consecutive year in Mexico; far exceeding the pre-pandemic level of sales. Despite this strong sales performance, the number of direct selling agents contracted again in 2023,…

Over 2023, the Ministry of Tourism anticipates a return to pre-pandemic tourism levels, signalling an increase in foreign visitors to Mexico. However, this upsurge also implies a likelihood of tourists experiencing gastric issues, often resulting in…

Following the emergence of the pandemic in 2020 and into the following year, dietary supplements experienced robust growth, fuelled by consumers' desire to boost their immune systems and overall health. However, consumer interests shifted during…

While sales of dermatologicals continue to grow in 2023, reflecting a recovery from pandemic-related disruptions. demand is stabilising. Mexicans are no longer facing increased risks to their skin compared to the previous year, and some…

Although many employees started returning to the workplace in 2021, many organisations opted to maintain remote working formats for strategic reasons of cost savings and health protection. However, as infection rates declined and regulators relaxed…

Traditionally, brands have focused their marketing on TV spots that emphasise the ability of their deodorants to keep consumers fresh, while also helping to make them more attractive. For example, Axe is a brand that has found success by focusing on…

In 2023, debit cards is set to experience robust double-digit growth in volume and value transactions. Moreover, in 2023 it is expected to achieve full recovery, surpassing the performance observed in 2019, in terms of the number of cards in…

In 2023 consumers have remained cautious with their spending due to prevailing economic uncertainty. This has resulted in households prioritising essential products and limiting their consumption of non-essentials. Many dairy products are perceived…

Rigid plastic is the main packaging format used for dairy products in Mexico, accounting for more than half of the unit volumes used in this category. Rigid plastic has also been gaining unit volume share in recent years, including 2023. Rigid…

The number of credit cards in circulation is set to witness remarkable double-digit growth in 2023, accompanied by even stronger surges in transaction volumes and values when compared with the previous year. These impressive performances not only…

In early 2023, a sixth wave of COVID-19 coincided with an upsurge in cases of the common cold and influenza, creating a "tripledemic" felt across Mexico, the US, and Central American countries, with Mexico experiencing a milder impact. This scenario…

Price increases due to widespread inflation observed in 2022 continue in 2022, albeit at a slower rate. According to Euromonitor International's Voice of the Industry: Food Survey 2023, 90% of the food industry has been impacted by inflation and the…

Convenience retailers saw double-digit current value growth in Mexico in 2023, and was the most dynamic channel within grocery retailers. This performance was primarily driven by the strong outlet expansion seen over the course of the review period,…

Contact lenses in Mexico have very low penetration among people with eyesight problems, with most people instead wearing spectacles. One of the main reasons is the lack of trained personnel at optical goods stores to carry out the fitting and…

The consumer lending landscape in Mexico is expected to continue to display growth in both gross lending and the outstanding balance in 2023. 2023 is proving to be particularly favourable for the growth and expansion of fintech companies, which…

In 2023, after three years of placing health at the forefront due to the pandemic, Mexicans have finally found some respite and are shifting their focus away from health concerns. While the public healthcare system grapples with supply shortages,…

Consumer foodservice in Mexico experienced healthy growth in 2023, filled with launches, collaborations, and innovations. Given the economic uncertainty experienced during the year, mainly driven by the lingering impact of 2022, consumers were more…

Consumer foodservice through standalone in Mexico remained the leading location in 2023 across value sales, outlet numbers and transactions, due to the country's market type and urban development. This keeps standalone attractive for both national…

In general, consumer electronics continued to be affected by the Coronavirus (COVID-19) crisis in the final year of the review period. There was a level of stabilisation in many categories in 2022 and 2023, especially those that had seen spikes in…

Consumer credit is set to show continued consistent robust growth in gross lending in 2023, driven by improving employment and business performance, and wages that continue to recover in the wake of the pandemic. However, growth will encounter…

Mexico's consumer appliances sector has encountered significant challenges in 2023, though has managed to register positive growth overall in terms of volume sales. Yoelle Rojas, director of the Nuevo León Electrical Appliances Cluster (Clelac),…

Sugar confectionery packaging, which recorded a decline in its unit volumes when the pandemic hit Mexico in 2020, recorded increasing sales for a third year since then in 2023, continuing its strong post-pandemic recovery. Sugar confectionery in…

After returning to pre-pandemic lifestyles, consumption occasions have witnessed certain changes in Mexico. With increasing numbers of consumers venturing out of their homes, the convenience provided by RTD concentrates has become increasingly…

Retail volume sales of computers and peripherals are projected to continue to decrease over 2023, after the spike recorded in the wake of the outbreak of the Coronavirus (COVID-19) pandemic in 2020, when consumers were forced to fall back on the home…

Colour cosmetics continued its recovery in 2022 after a partial recovery in 2021, with demand having plummeted following the outbreak of COVID-19. Demand increased as consumers returned to more active lives outside the home, with generation Z…

In 2022, Mexico witnessed amongst the most significant price increases for coffee in recent years. Alongside an annual inflation rate of 7.82%, the highest in recent years, the country faced the challenge of poor harvests in countries such as Brazil…

In January 2023 a display ban on tobacco products and the expansion of smoke-free spaces came into force with this having a significant an impact on sales of cigars, cigarillos, and smoking tobacco in Mexico. The law includes all tobacco-derived…

Faced with legislative pressure to raise prices and with the growth of the illicit market in Mexico, category leaders such as British American Tobacco opted to expand their portfolios through the addition of lower-priced products to their brand…

Despite the negative trend in overall alcoholic drinks consumption, cider/perry showed a slight total volume increase in Mexico in 2023, although growth was driven by off-trade sales, as on-trade sales turned to decline. Total volume growth was…

Over 2024, chocolate confectionery in Mexico is expected to see moderate retail volume growth, only slightly below the increase posted in 2023. While slowing, the rate of inflation in Mexico remains significant and continues to affect manufacturer,…

Films targeted towards children, or those featuring iconic childhood characters, significantly influence childrenswear trends. Licensing has always been essential to boost sales in this category, especially with the regular release of children’s…

Cheese has been the most dynamic category in dairy in current value and retail volume terms in 2023. The shift from unpackaged to packaged formats is an important driver of this trend, but also the positioning of cheese as an affordable source of…

Charge cards, which is predominantly represented by American Express, is expected to experience a remarkable resurgence in 2023. In this year charge cards is expected to rebound to around the pre-pandemic levels of usage and card issuance. This…

Wet cat food in Mexico stands out as the leading performer in the category, recording double-digit growth in both value and volume terms. This trend is being fuelled by the increasing number of cats and pet-owning households in Mexico. Unlike with…

Carbonates in Mexico observed a significant increase in value sales in 2023. This was driven by price increases as players responded to inflationary pressures, but also by a shift towards smaller formats as consumers resumed out-of-home activities…

The cannabis market in Mexico is estimated to be worth MXN33,650 million, with 95% of it being sold through the illicit market.

The quest to attract consumers back to cafés/bars in Mexico is a constant in the channel, which has especially intensified post-pandemic. This has led to the resurgence of various in-person events, such as the Rock Duel at McCarthy's Irish Pub,…

In 2023, inflationary pressures have had a noticeable impact on the price of butter and spreads. This has encouraged some consumers to shift towards lower priced options such as cooking oils which resulted in a slowdown in the growth of butter and…