EconomyHas it happened to you too? Inflation and climate...

Has it happened to you too? Inflation and climate change change the priorities of Mexican consumers

Covid-19 is no longer perceived as a serious threat. Mexicans are experiencing a period of ‘relief’, after various restrictions were lifted in the country; however, now they have other worries related to their pocket.

In its ‘Barometer of global problems 2022’, the market research agency Kantar identified that in Mexico there is increasing concern about economic pressures due to inflation, which in the first half of August reached a rate of 8.62%, the highest high in the last 22 years.

This led to 50% of consumers making adjustments to their family finances because they find it difficult to cover their monthly expenses. Consequently, in recent months the sense of economic prudence has grown, the majority is more careful to spend on what is not essential.

When purchasing a brand product, quality and habit are the main drivers of purchase, also that what the consumer needs is available at the physical point of sale or e-commerce and preferably that said product has been on sale.

In times of inflation, best value becomes more relevant when it comes to services, while luxury items, vacations and home improvements are the ones most likely to be relegated in the consumer’s budget, who has received in to a greater extent increases in prices of food and beverages, gasoline and personal care items.

environmental impact

Four out of 10 people are concerned about climate change, which is reflected in the drought in the north of the country. But, according to the study, Mexicans believe that companies are primarily responsible for solving this problem.

The requests for them are that they invest more in renewable energy sources, that they innovate more in sustainability, that they find new technological solutions, that they support more the purchase of local production and that they offer second-hand or reused goods.

What is asked of brands is that they support recycling and less use of plastics, plant more trees, increase awareness of climate change, promote the use of environmentally friendly products and help make homes more efficient. in energy consumption.

Although Mexicans also consider that they can increase the actions within their reach to help against climate change. 76% state that they will walk more, 70% will reduce their use of gas and electricity, 59% will use public transport more and travel less, 53% will travel more by bicycle, 38% will install panels solar panels, 32% to improve the insulation in their home and 19% to buy a new vehicle.

According to the barometer, 76% of consumers in Mexico have already stopped buying products or services due to their impact on the environment and society, and 67% feel prepared to invest time and money in supporting companies that try to do well. and 82% actively look for brands that offer alternatives to combat their environmental impact.

However, for responsible consumption to become widespread, says Alberto Vargas, VP Brand Kantar Mexico, brands must offer proposals at price levels that consumers can afford. Some brands reward them if they bring their own bag, if they bring used clothes for donation or if they buy “conscious” products made with sustainable materials.

“We must keep in mind that the consumer is the one who makes the final decision and is currently going through a whirlwind of situations, local and global, that are rapidly changing their concerns and the way they address functional, emotional and social needs. The challenge for brands, in addition to listening to the consumer, is to accompany them and understand them”, he points out.

According to the analysis, Mexicans are also concerned about the war between Russia and Ukraine, violence and crime, resources and energy, their health in general, employment, and for three out of 10, the coronavirus, although he no longer loses sleep, he continues to be in the sights, with prudence.

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