Consumers in Mexico are feeling slightly more optimistic about both their country’s economy and their own ability to meet financial commitments in the coming year—but that doesn’t mean they’ve stopped looking for ways to spend less. In fact, their persistent quest for value is the main reason many of them continue to shop online: e-commerce still has a larger market share than it had before the COVID-19 pandemic. These are among the findings of a ConsumerWise survey conducted in early 2023 among more than 1,000 Mexican consumers across income groups. The following five charts show highlights from the survey.
These survey results indicate that the pandemic has had lasting effects on consumer behavior in Mexico. Consumers continue to reduce their spending, shop online, and cook at home. As optimism about the economy rises, businesses will need to maintain their agility and respond quickly to meet the changing demands of their customers. For more detailed data and insights, email ConsumerWise@McKinsey.com.
