The market for credit function cards in Mexico has seen significant fluctuations over the past decade. Peaking at 32.74 million units in 2017, the value dipped notably to 27.46 million units in 2018 and further to 24.42 million units in 2020, influenced likely by economic disruptions. The market rebounded sharply with a 27.23% increase in 2021, although growth slightly slowed again in subsequent years, standing at 29.92 million units in 2023.
Key Trends:
- From 2013 to 2017, there was a steady increase, averaging a yearly growth rate of around 5.23% from 2015-2017.
- 2018 and 2020 saw significant declines at -16.13% and -16.51% respectively, signaling market instability.
- The market rebounded in 2021 with a notable 27.23% increase, although it again faced a slight downturn in subsequent years.
- Over the last five years, the Compound Annual Growth Rate (CAGR) was 1.73% by 2023, showing moderate recovery after periods of decline.
Future trends to watch for include the projected CAGR of 0.43% over the next five years, indicating a moderate recovery and stabilization of the market. Additionally, digital payment innovations and financial inclusivity measures could influence future growth in credit card adoption.