When it comes to Mexico consumer trends, being in the know is the key to successfully entering this diverse market.
Since the pandemic hit the world in 2020, Mexican consumer behavior has drastically changed and the population now fosters many new lifestyle adaptations such as social distancing and mask-wearing.
Just like the rest of the world, consumers in Mexico have also changed their shopping habits. Luckily for you, we are here to tell you exactly what consumer trends are happening in Mexico today. Keep reading to get the latest insight!
Understanding Mexican Consumers
Before we get into the 5 Mexico consumer trends, let’s better understand the Mexican consumers.
The Mexico population is a relatively young age group.
- The average age is currently 28.6 years old
- 44% of the population is under 24 years old
- 15% of the population is over 55 years old
With so many young adults in Mexico, it most likely means the population stays on top of all the trends that fluctuate throughout today’s culture. This includes current fashion, music, and entertainment trends. But not so much when it comes to brands.
Brand Loyalty in Mexico
You see, when Mexican consumers find a brand or company they like, they will most likely stay with them and will not risk their money on other competitor companies.
In fact, Mexican consumers are one the most brand loyal consumers in the world. They prefer to establish strong relationships with the companies they choose.
Along with brand loyalty, Mexican consumers focus on the quality, practicality, and price of the product or service they intend to purchase.
Saving Patterns Increase in Mexico
Due to the pandemic, some purchasing trends have been slightly altered.
For instance, Mexican consumers are becoming more mindful of how they spend their money. In fact, saving money has become one of the latest trends in Mexico in 2020!
Because of this new trend, it has caused some consumption shifts in the Mexico consumer market.
5 Mexico Consumption Patterns and Trends
These are the top 5 Mexico consumer trends that are recent shifts from 2020 that might help guide your 2021 business strategy as we come upon a new year.
1. Online Shopping is Here to Stay
Mexicans are super connected to their social networks. In fact, they are the 4th biggest network users and spend most of their time on social media.
Last year, Mexico was named the Latin American country with the most e-commerce with 85% of people buying at least one product.
And the country keeps rising in the ranks!
This year, many Mexicans have switched to online shopping and intend to continue to spend online even after COVID-19.
2. Change in Brands
Not only have Mexico consumer trends on shopping methods changed dramatically, but many citizens have switched brands and stores. Actually, 81% of Mexican consumers have switched from their beloved brands to new ones.
This is mainly because they have become more mindful of where they spend their money and they wanted to find new ways to save.
More and more, Mexican consumers are opting for less expensive brands compared to last year. But this isn’t just for prices but better value, delivery costs, and to support local businesses.
Here are some stats to prove this switch:
- 43% tried new brands for better prices
- 33% tried new brands for better value
- 29% tried new brands to support local businesses
- 23% tried new brands because they had their wanted product in stock
These new shopping behaviors are a consequence of the pandemic and the economic struggle most countries are in. But this change in loyalty seems to be preferred actually because four out of five intend to continue this usage after the pandemic.
3. Increase on Value & Essentials
60% of Mexican consumers stated they will decrease their spending on discretionary categories and stick to the essentials.
In turn, this means they are spending more money on categories like groceries and house supplies, and less on jewelry, flights, and hotel stays.
4. Tune into Time-Saving Services
In our fast-paced world, it is all about convenience and saving time! Nowadays, Mexican consumers are looking anywhere to save themselves some time.
For instance, 63% of Mexicans feel like they don’t have the time to make at-home meals. This means many Mexican consumers would opt to purchase deliciously prepared meals instead of cooking their own at home.
This time-saving concept also goes for other time-consuming services like the transportation and delivery industry.
5. Opt for Organic Products
Another current trend for Mexican consumers is the desire to have a healthier lifestyle.
Even though natural and organic products are quite expensive, the market for this in Mexico is growing! More people are consuming natural and artisanal products.
Note that Mexico is considered the second most obese country in the world. There have been strong efforts by officials to encourage healthier lifestyle changes. This includes nutrition and the promotion of natural foods!
Moreover, wellness apps and at-home exercise machines are being consumed more. People are dedicated to getting on a healthy lifestyle.
Because people are now taking health more seriously, these new adoptions are likely to stay for the long-term.
Entering the Mexican Market
Need more tools and assistance to up your digital presence in Mexico? Our team of Latin American experts are here to help! Contact us at firstname.lastname@example.org today to learn more.