In Consumer and Retail

Mexico appears slowly recovering from the COVID economic crisis, but it’s still far from being fully recovered. Recent data showed a mixed bag, similar to those experienced in countries like Argentina.

In March 2021 the country experienced its highest increase in retail sales since November 2020 (3.6%), according to data from the Instituto Nacional de Estadística y Geografía (National Institute of Statistics and Geography or INEGI). But this was followed by a 0.4% drop in April, a slight increase of 0.6% in May 2021, a more substantial increase of 7.8% in June. As of this writing, no figures have been released for retail sales in July or August in Mexico. El Economista reported retail revenues increasing in Mexico from January to June 2021 by 9.3% compared to same period in 2020; however, those revenues are 2.4% lower than those in the same period of 2019.

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Within this overall growth, more recent data shows which specific products are growing the fastest in sales. Here’s a look at ChilIn the midst of these decidedly mixed results, there are a few bright spots: below you’ll find the top-selling products in Mexico in 2021.

#1 Hardware

According to Javier García, director of the Expo Nacional Ferretera (National Hardware Expo), the pandemic crisis boosted the consumption of tools and repair accessories as housebound Mexicans focused on upgrading and maintaining their homes.

As such, hardware/home improvement items (such as paint, locks, lighting and electrical materials) have seen a sales increase of between 5% and 45% in Mexico in 2021. (In this case, a range is provided because the increase varies according to the type of product and an overall figure for all hardware was not provided.)

#2 Cars and Motorcycles

Mexico’s new car market is expected to grow by 10.9% compared to 2020, with projected sales of 1,053,000 cars, according to Guillermo Rosales, associate general director of  the Asociación Mexicana de Distribuidores de Automotores (Mexican Association of Auto Distributors or AMDA).

However, the outlook for Mexico’s motorcycle market is even more encouraging. According to MotorCycles Data (McD), when compared to the same period in 2020, motorcycle sales in Mexico went up by 30.9% during the first half of 2021. More than 593,000 motorcycles were sold in Mexico during the first half of 2021. However, what is most telling is that motorcycle sales in Mexico in the first 6 months of 2021 were 13.2% higher than those posted during the first 6 months of 2019.

#3 Cosmetics

It’s projected that sales of cosmetics/beauty products in Mexico will go up by 10% by the end of 2021 to total 200 billion Mexican pesos (US$9.8 billion), according to data from the Cámara Nacional de la Industria de Productos Cosméticos (National Cosmetics Products Industry Chamber or CANIPEC).

According to Verified Market Research, the cosmetics/personal care market in Mexico will grow with a CAGR of 7.5% between 2021 and 2028 to reach a total value of US$19.4 billion.  

#4 Video Games

It’s estimated that the video games market in Mexico will grow by an average annual rate of 14.8% between 2020 and 2022 to reach a value of US$2.4 billion, according to Euromonitor data cited by ICEX España Exportación e Inversiones. This market is composed of various segments, such as hardware sales (consoles, controls and other devices needed to play) and software sales (video game cartridges and digital downloads).

#5 Heavy Trucks

In Mexico sales of heavy trucks went up by 27% in the first half of 2021 to reach more than 15,000 units, according to AMDA. However, this sales level is still below the first half of 2019, when 21,888 heavy trucks were sold in Mexico.

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Next Steps

Contact us if you’re interested in further market research about the consumer market in Mexico or other countries. Over the past 30 years we’ve conducted more than 600 consumer market research studies for Latin America. These include market landscape studies, opportunity benchmarking, competitive intelligence and more.

You may also want to explore our other stories on top-selling products in Latin America overall in 2021, as well as 2021’s best-selling products in markets such as Argentina, Colombia, Chile, and Brazil.

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