Around 40 out of every 100 Mexican consumers are cutting back on spending for food apps, restaurants, parties, and entertainment due to financial problems. NielsenIQ reported that food prices are the main concern, and at least one in four people feels that their economic situation is worsening. Some Mexicans also fear not being able to provide for their families and that the national economy will enter a recession.
In the Mid-Year Consumer Outlook study, NielsenIQ noted that Mexican consumers intend to prioritize the purchase of essential products and reduce spending in other areas. 39% plan to spend less on takeout food, while 37% will cut back on dining out, which could impact restaurants and food businesses. Another 37% will allocate less money to appliances, and 36% will reduce spending on entertainment outside the home.
Regarding mass consumption products, consumers are expected to cut spending on alcoholic beverages and snacks but increase purchases of fruits, vegetables, fresh meat, and health and wellness products. In grocery and basic household items, the majority plan to maintain current spending on oils, canned foods, soaps, and detergents.
The study also revealed specific concerns of Mexican consumers, such as food prices, their financial situation, the ability to provide for their families, and the possibility of an economic recession. In response to rising prices, shoppers expect manufacturers to offer larger economic sizes, introduce new smaller sizes at lower costs, and reduce package size while maintaining the same price.
