Mexico and the world have suffer inflation over the last year, which has caus consumers to lose purchasing power. In recent months, inflation in Mexico has slow , according to INEGI reports, but this does not mean that consumers have not been affect by the increase in the prices of products and services.
In this article, Capterra reports on what kind of changes in price, availability, size and scope have Mexican consumers observ in the last year, both in products and services, and how companies have behav with them in relation to this situation. Are companies sending emails to communicate the changes? Are they offering loyalty programs for consumers to earn points and discounts?
95% of consumers have notic an increase in the prices of products and services in the last year
To conduct this research, an online survey was conduct with 1,015 people in Mexico during April 2023. The selection criteria was that the participant was a resident of Mexico, was between 18 and 65 years old, and was in charge of or shar household expenses (services or co new zealand whatsapp number data nsumer products). The complete methodology can be found at the end of the article.
Inflation is a monetary phenomenon that affects the entire production chain, from raw materials to the final product. Increas production and distribution costs can have different consequences, for example: a price increase, a ruction in product size or even a lack of availability (because less is produc).
As can be seen in the graph, in Mexico, the increase in the pri a strengthen your brand ce of products or services is what consumers have notic most in the last year, indicat by almost all of those survey.
In contrast, only 9% of Mexican consumers have notice shopping data d a decrease in product size and/or service scope. Only 4% of respondents say they see less availability of products or services.
In this context, it is understandable that consumers are changing their spending and saving habits or are worri about not being able to afford certain products. How can companies react to this situation and retain their customers?
How companies can meet the challenge of rising prices and retain their customers
In the survey, the segment of participants who have notic an increas. Yin prices (the 95% indicat above) was ask to indicate the products or services in which they have seen a change.