Lessons From Retail in 2024: Key Takeaways and 2025 Outlook

The year 2024 was a period of challenges and transformation for the Mexican retail sector. Through the analysis of key indicators, it became clear that physical stores continue to play a vital role in consumer behavior. Although the year was shaped by complex economic and social dynamics, it also offered encouraging signs that pave the way for a promising 2025.

In our latest report, “The Path to Innovation and the Challenges of Mexican Retail,” we analyzed the primary indicators from over 5,300 stores across various regions and industries. This report provides a comprehensive snapshot of how brands and consumers behaved, offering invaluable insights for the future. The findings underscore not only the resilience of physical retail but also its critical role in shaping purchasing decisions and consumer trust in a post-pandemic world.

Key Takeaways From 2024

One of the most noteworthy insights is that Mexican consumers are willing to spend more if they are offered quality and the products they seek. This was reflected in the growth of the average ticket size, which increased by +2.1% in street-level stores and an impressive +4% in shopping malls. As I mentioned on the Amazing Retail podcast, we must overcome the fear that people do not want to spend. As long as the product is available and meets their needs, consumers will buy it.

However, not all the results were positive. Purchase conversion, one of the most critical indicators for measuring the success of retail strategies, fell by -2%. This decline was more pronounced in street-level stores, which, despite attracting more visits, faced challenges in converting those visits into purchases. This underscores the importance of strengthening the customer experience and investing in staff training for sales effectiveness. Conversion rates often reflect the intersection of intent and execution, and retailers that fail to address either aspect risk missing valuable opportunities for growth.

Another key lesson is that brands that failed to grow often struggled with insufficient or poorly managed inventory, as well as a lack of alignment across their omnichannel strategies. The right product, in the right place, at the right time, makes all the difference. Many underperforming brands faced inventory issues and poor forecasting, problems that can be mitigated with the support of technology. Implementing real-time inventory tracking systems and predictive analytics tools is no longer optional, it’s a necessity for staying competitive.

Key Seasons: Christmas and Buen Fin

The Christmas season reaffirmed its position as the most important period for Mexican retail. Although some indicators, such as purchase conversion, showed slight declines, the average ticket size grew by +2.5%, driven by a higher intent to purchase. On the other hand, Buen Fin yielded mixed results, with a decrease in attraction but an increase in the average ticket size, indicating that consumers were willing to make significant purchases within a short timeframe.

What makes these two periods distinct is the type of consumer behavior they drive. Christmas encourages a more emotional, family-oriented shopping experience, while Buen Fin tends to be transactionally focused, often targeting tech-savvy consumers hunting for the best deals. Understanding these behavioral nuances allows brands to tailor their marketing and operational strategies to each season, ensuring they capture maximum value.

These seasons highlight an important lesson: to maximize the potential of peak consumption periods, it is essential to plan ahead, ensure proper inventory levels, and deliver an exceptional shopping experience. Retailers who fail to meet consumer expectations during these critical times risk not only losing sales but also damaging brand loyalty.

The Outlook for 2025

The year 2025 begins under a new US administration led by Donald Trump, creating a political and economic landscape that will significantly impact Mexico’s commercial dynamics. While the change in government introduces uncertainty in some sectors, it also presents opportunities to redefine commercial strategies and strengthen the resilience of the retail sector.

In this context, technology will play a fundamental role. Data analytics and artificial intelligence are not only useful for understanding consumer behavior but also for enabling real-time strategic decision-making. For instance, identifying trends in key indicators such as attraction and dwell time can be pivotal in optimizing sales strategies. These technologies also allow brands to personalize their offerings, creating more meaningful connections with consumers and driving higher satisfaction levels.

Additionally, brands must adopt a fully integrated omnichannel approach. Every communication, whether through social media, email, or e-commerce, should be aligned. This approach not only enhances the customer experience but also strengthens loyalty and maximizes the results across all channels. It’s about creating a seamless journey for the customer, from initial engagement to post-purchase support, across both digital and physical touchpoints.

Finally, sustainability cannot be overlooked in 2025 strategies. Consumers are increasingly demanding responsible practices, from product design to waste management. Adopting sustainable measures is not only ethical but also strategic in capturing the preferences of younger generations. Retailers that embrace sustainability can differentiate themselves in a crowded marketplace while contributing to broader environmental goals — a win-win scenario for businesses and the planet.

A Year of Learning and Contrast

The year 2024 was one of contrasts but also one of learning. It demonstrated that, with the right strategies, it is possible to overcome challenges and seize opportunities. However, success in 2025 will depend on the ability of brands to adapt to a changing environment and prioritize the customer experience.

At Getin, we remain committed to providing reliable information and advanced tools that enable brands to make smarter decisions. I firmly believe that the future of retail lies in the combination of technology, strategic planning, and a deep understanding of the consumer. Only through this approach can we turn challenges into opportunities and build a more competitive and resilient retail sector. By focusing on data-driven insights, omnichannel excellence, and sustainability, the retail industry can look forward to a brighter and more dynamic future.