Consumer trends and habits in Mexico

19 de December de 2023

We are entering a festive season characterised by increased shopping and social spending, a period where sharing with friends and family is especially important. In this article, we will explore consumption in Mexico in the run-up to Christmas and discover some of the trends that are shaping up for 2024.

What will consumption in Mexico be like?

According to the study “Hábitos de Consumo Navideño en México 2023” by Elogia, 47% of Christmas shopping in Mexico will be done online, which represents an increase compared to previous years.

This trend is particularly noticeable among younger consumers, contrasting with last year’s purchase intention figures. In addition, one third of Mexicans plan to increase the volume of their purchases compared to last year.

In terms of average spend, during the 2023 holiday shopping season, it is estimated to reach $2485 MXN, slightly lower than the $2526 MXN spent during the Buen Fin. In addition, men and people over 44 tend to spend more than women and younger age groups.

Fashion leads the way in holiday shopping

Fashion, technology and household goods are expected to be the big players this Christmas. Fashion, with a strong participation of women, is at the top of the preferences, capturing 53% of shoppers’ interest. It is closely followed by technology and household goods, which attract 38% and 33% interest respectively. Importantly, the latter two sectors are particularly popular with male and younger consumers.

Consumer spending in Mexico increasingly omnichannel

The study reveals an interesting convergence between physical and online shopping channels, highlighting the importance of implementing an omni-channel strategy. Consumers search for information online, especially on search engines and brand websites, but make their purchases mainly physically. However, the majority of people over 55 prefer to shop in physical shops and shops, while younger people are more inclined towards online shops and marketplaces, with MercadoLibre, Amazon and Walmart being the most popular.

Of note is the influence of social networks in the purchase decision, with 56% of purchase influence among younger Mexican consumers. However, third party recommendations, considering opinions or reviews before making a purchase, stand out with 70% of influence.

Consumer trends in Mexico for 2024

Shopping trends during the holiday season offer a revealing window into consumers’ priorities and preferences. Here are some of Mexico’s consumer trends:

  • Shopping preferences: Among Mexican consumers, shopping preferences present an interesting distribution.
    • 25% of Mexican consumers prioritise the location of the shop, encouraging the importance of accessibility and convenience.
    • 24% look for consistently low prices and bargains, seeking maximum value for their money.
    • 20% value product variety, with a strong interest in being able to decide between multiple options.
    • 18% consider the quality and luxury of products.
    • In addition, 67% prefer deals to be spread across November and December rather than concentrated in a single weekend.
  • Technology push: Technology continues to be a growing trend, with the creation of virtual spaces and the integration of new payment methods and digital or hybrid transactions.
  • Personalisation of the shopping experience: 43% of consumers seek personalised recommendations based on their shopping history, and 20% plan to use artificial intelligence tools for personalised gift ideas.
  • Social and environmental awareness: There is a growing interest in sustainable shopping, driven by social concern for the environment. 67% of Mexicans are committed to sustainability and the environment. Thanks to this trend, local consumption is gaining ground against multinational brands.
  • Change in the choice of gifts: There is a growing trend to give experiences instead of physical objects, adopted by different generations.

Digital strategy with the rise of online shopping

With the notable increase in online shopping among Mexican consumers, it is essential for companies to develop an omni-channel commercial presence. In this context, social commerce or recommendation engines emerge as a key component of digital strategies. Social commerce leverages social networks to influence purchasing decisions and connect with an increasingly digitised audience. In turn, recommendation engines offer personalised suggestions that improve the shopping experience and increase the relevance of products for each customer, thus enabling a deeper connection with an increasingly digitally-integrated audience.

At Cognodata we use analysis techniques, prediction and simulation models that allow us to build recommendation engines to optimise the main business levers.