Mexico Retail Sector Market Size (2024 - 2029)

Mexico Retail Market Analysis

The Mexico Retail Market size is estimated at USD 94.40 billion in 2024, and is expected to reach USD 122.70 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).

In Mexico, consumers have a massive desire for modern retail stores rather than traditional ones because of the growing economic trend and rising socio-demographic shifts, which boosted the growth of retail stores. Since digital platforms play an essential role, companies focus on enhancing websites to improve customer experience. Social media platforms also contribute to the growth of the market.

• Consumer spending in Mexico is increasing due to rising disposable income and retail growth. Due to the presence of small independent retailers in Mexico, the retail industry is spread all over the country.
• Developed economies in Mexico have well-established retail sectors while developing economies are experiencing rapid growth. Fashion, apparel, and electronics are vital sectors experiencing growth in Mexico.
• With the growing penetration of smartphones and the availability of internet services, e-commerce is a growing sector in Mexico. Hence, suppliers adapt to consumers' buying behavior by improving online sales. Due to the increased government policies and FDI regulations, there is increased competition among retailers in Mexico. The tourism sector also contributes to the retail market's growth, particularly in the luxury hotel sector, which relies on international air connectivity and transport infrastructure.

Mexico Retail Industry Segmentation

The retail industry is a market that includes activities like selling goods or services directly to the consumer by a company that is usually purchased for personal or family use. Traders can be both retail and institutional.

Mexico's retail industry is segmented into product and distribution channels. By product, the market is segmented into food and beverage, tobacco products, personal and household care, apparel, footwear and accessories, furniture, toys, hobby, industrial, automotive, and electronic household appliances. The market is segmented by distribution channel into hypermarkets, supermarkets, convenience stores, department stores, and specialty stores. The report offers market size forecasts in value (USD) for all the above segments.