The retail (except of motor vehicles and motorcycles) sector in Mexico has shown robust growth from 2013 to 2023, rising from 1.9633 trillion to 3.877 trillion Mexican Pesos. The year-on-year growth has fluctuated, with a notable dip in 2020 due to the pandemic but a strong recovery in subsequent years. The average annual growth rate over the past five years (CAGR) stands at 6.05%. For 2023, the retail output value was recorded at 3.877 trillion Mexican Pesos, marking a 5.13% increase from 2022.
Future trends to watch for:
- Continued gradual growth with a forecasted 5-year CAGR of 3.38% and an overall increase of 18.1% by 2028.
- Impact of e-commerce expansion and digital transformation on retail strategies and consumer behavior.
- Potential influence of economic and political shifts on consumer spending trends.