Mexican Consumers to Spend Cautiously Post-Elections

Consumers are expected to spend cautiously following the upcoming June 2nd presidential elections, as revealed in a report from Getin, a Mexican company specializing in intelligent traffic counting systems for retail establishments. The company's data analysis suggests a potential decline in purchase conversion rates in June and July, posing challenges for physical stores during the summer months.

Drawing from consumer behavior data collected since the 2018 federal elections combined with insights from 2023, Getin forecasts a continued trend of reduced spending among Mexicans, particularly in the months following the election. July is expected to bear the brunt of this impact, becoming the most affected month.

"While foot traffic to retail outlets may not decrease significantly, the conversion of these visits into actual purchases is likely to decline. We anticipate a challenging summer for physical stores due to decreased consumer willingness to buy," stated Francisco Álvarez, COO and co-founder, Getin.

Getin anticipates a normalization of consumer behavior around September, offering a window for sales recovery and potential growth towards the end of the year discount campaigns.

The company emphasizes that while data-driven insights are crucial for navigating challenges and their predictions provide valuable insights, they do not determine final outcomes. However, they aim to mitigate short-term impacts and strengthen operations.

During the electoral period, strategies such as promotions or exclusive events to stimulate purchases and personalized marketing initiatives can be employed to transform browsing intentions into actual sales.

In line with this approach, the National Chamber of the Restaurant Industry (CANIRAC) recently launched a campaign titled "Free Coffee for Voters," encouraging sector participation in promoting citizen voting on June 2nd. "By recognizing customers who exercise their right to vote with complimentary items or other promotions, we aim to incentivize voter turnout," noted Daniela Mijares, executive president, CANIRAC.