A new 360-degree report by Roland Berger takes a deep dive into the essential factors driving patterns of consumption in Mexico. Based on interviews with a large cohort of randomly selected Mexican nationals, the findings – segmented by generational, economic, gender and technological parameters – provide exhaustive, must-read insights for any companies keen to target some or all of the consumer groups in this vibrant country.
"The tornado of trends sweeping through the Mexican consumer industry has presented a significant challenge for companies to continuously adapt their business models. Therefore, the most crucial capability organizations must acquire is the ability to transform themselves."
One of the most fascinating outcomes of the survey is that close to 90% of all Mexican consumers still far prefer to shop in physical retail outlets rather than online.
Though there are slight variations across gender boundaries, generational lines and product categories, this preference for physical shops holds true across all consumer groups and income brackets. That said, the findings do reveal certain shifts in the strength of this preference between consumers with varying levels of purchasing power. Drilling further down into the data, clear trends also emerge regarding the kind of stores where Mexican consumers prefer to shop and how this pattern varies by generation.
Despite such a strong leaning toward physical stores, e-commerce is gradually also becoming established and accepted in Mexico. While Millennials are the generation most amenable to shopping on the Internet, purchasing power and product category likewise correlate strongly with consumers’ frequency of online purchases.
The report further discusses how even the metaverse and gaming platforms are slowly gaining a foothold in Mexican consumers’ consciousness, revealing clear links to specific purchasing power brackets.
As Mexican consumers in general become more familiar with online shopping, the survey findings reflect the emergence of more demanding preferences and expectations. The availability of a broad assortment of products is the key reason cited for the use of web platforms, followed by speed of delivery. However, any failure to live up to these expectations quickly sends consumers going straight back to the physical stores they know and trust. Let the online seller beware!
A separate section of the report examines how digital media are influencing consumers’ behavior across different segments. Especially in low and medium-low purchasing power brackets, Generation Z and Millennials are the consumer groups most strongly influenced by digital media.
Seeing exactly how this influence fluctuates across different product categories and for varying purchasing power brackets gives the companies that target these groups a vital and granular view to help them optimize their own digital media presence.
Whether purchases are made in-store or online, Mexican consumers attach huge importance to the quality of the products they buy.
Once again drilling down to paint a more granular picture, the full report does reveal certain variations by product category – including two categories that buck this general trend. However, quality is more than twice as important as price for consumers across the board, i.e. in all purchasing power brackets.
Since price is nevertheless a vital issue for all sellers, the report also examines variations in price sensitivity across generations and identifies those product categories where this price sensitivity is most pronounced.
In Mexico, sustainability considerations do not yet rank alongside quality and price in the way they generally influence purchase decisions. However, more than half of all consumers in the central American country do already factor an awareness of sustainability into their buying habits – a figure that will increase and significantly reshape consumer preferences in the years ahead. For example, the full report identifies product categories for which 70% of Mexican consumers already set great store by sustainability. It also discusses the influence of purchasing power and explores those aspects of sustainability which consumers in Mexico see as most important.
Aware of the need for companies to understand and tap into gender-specific differences in consumer attitudes and values, the report steps back and highlights several aspects where Mexican women present a distinctive purchasing profile – especially in light of the sustainability considerations discussed above.
Sustainability issues aside, the report looks at the reasons why almost all Mexican consumers are tendentially pessimistic about anticipated crises and looming social and economic pressures.
Interestingly, the higher their purchasing power, the worse are the expected economic crisis scenarios at the present time. Yet it is equally fascinating to discover why younger generations are more upbeat about the outlook for the future.
In light of these and other detailed findings, the report concludes with a series of practical recommendations on how companies in the consumer sector can turn these insights to their own advantage by tailoring their approach to the needs and preferences of different consumer segments in Mexico.
Dowload the full report below and contact us to learn how Roland Berger can help you fine-tune your strategy for the Mexican consumer market. We look forward to hearing from you!
An in-depth survey of consumer attitudes in Mexico highlights key trends shaping market developments in the years ahead.
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