Christmas 2024: This is how Mexicans’ pockets are compared to the expenses of the season

Christmas is about to arrive and, together with the New Year, represents a season of expenses that keep the pockets of Mexicans in suspense, especially in the context of an uncertain global economic outlook..

Global economic uncertainty and persistent inflation have changed consumer habits in Mexico, where 50% of consumers prioritize purchasing essential products to face current financial challenges. This behavior reflects the growing concern about making money work in the face of an uncertain economic outlook.

According to data from NielsenIQ Mexico, Mexican consumers have adopted strategies to maximize their purchasing powersuch as resorting to unconventional purchasing channels, including hard discountersspecialized stores and e-commerce platforms.

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60% of buyers explore these alternatives, while 66% have chosen to change stores in search of more affordable prices.

Raquel Jiménez, Customer Success leader at NielsenIQ Mexico, said: “The growing preference for non-traditional channels reflects how consumers quickly adapt to the economic situation, looking for options that allow them to balance need and savings”.

The impact of this situation is most visible among lower-income families, who cut spending on non-essential activities and adjust their purchasing habits significantly. On the other hand, although high-income consumers have also changed their habits, 70% seek to indulge in an occasional treat, privileging the experience at certain times.

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Digitalization has also influenced consumer behavior, with 8% making the majority of their purchases online and a similar percentage using social networks as a new acquisition channel. Although these numbers are still low, they reflect a transformation that is slowly advancing.

In this context, the Mexican economy faces a significant challenge: the constant search for balance between satisfying basic needs and adapting to a changing economic environment.

The purchasing decisions of Mexicans no longer only respond to desires or preferences, but to a deep reflection on the impact of each peso spent in their homes..

Mexican consumer loses confidence in the face of economic uncertainty

Consumer confidence in Mexico has shown a recent decline, affected by the perception of economic uncertainty at both a personal and national level.

According to figures from the National Institute of Statistics and Geography (Inegi) and the Bank of Mexico (Banxico), four of the five main indicators that evaluate household confidence showed falls.

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The item that measures expectations about the future economic situation of households suffered one of the biggest declines, reflecting pessimism about short-term purchasing power. Besides, Perceptions about the country’s economy, both in its current situation and one year from now, also decreased.

In particular, the ability to make purchases of durable goods such as appliances or furniture has been affectedwhich reflects caution among Mexican families in their consumption decisions. This trend reinforces a landscape in which priorities focus on covering basic needs rather than discretionary spending.

On the other hand, The perception of employment and the possibility of saving in the future also fell significantlywhich shows greater concern about economic stability in the coming months.

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Despite this context, Some isolated indicators related to the purchase of major goods, such as cars or housing, showed slight improvementswhich could be an indication of greater optimism in certain segments of the population.

However, The overall picture reflects that confidence remains limited due to domestic economic conditions and global uncertainty..

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