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Did you know that business attire in Mexico is strictly more formal than in the UK or US? Or that when greeting customers and clients in Mexico, you must ensure you use their professional titles? No? Find out what else you didn’t know about Mexico in our guide to why you should be doing business in one of Latin America’s most promising emerging economies.
Rapid Economic Growth
Already the 2nd largest economy in Latin America and the 15th largest in the world, Mexico is one of the four ‘MINT’ countries (Mexico – Indonesia – Nigeria – Turkey) which have been recognised by experts as emerging economic powerhouses.
Having demonstrated stable economic growth over a number of years, it is a country with huge potential, with analysts predicting that it will boast a higher GDP per capita than all but three European countries by 2050, making it the world’s 8th largest economy.
Located in a strategic global position, Mexico is positioned as the connection between Latin America to the south and the United States and Canada to the north.
The country has also established Free Trade Agreements with 44 nations from around the world – making it a very attractive trade hub for businesses. Some of the major British companies currently taking advantage of this include HSBC, GlaxoSmithKline, AstraZeneca, BAT and the Intercontinental Hotel Group.
A Growing Consumer Base
Mexico offers a huge customer base, with a population of over 128 million. Mexico City alone, the country’s capital, is home to an estimated 22 million people, making the largest metropolitan area in the Western Hemisphere, and the biggest Spanish-speaking city in the world. Although Spanish is of course Mexico’s official language, over 100 indigenous languages are also spoken across the country.
Largely fuelled by its growing middle class, Mexico’s retail sector has grown rapidly in recent years. Such consumers spend their money on a range of categories which include: food and beverages, transport and communications, education, clothing and footwear, and healthcare.
Huge Potential – The Imminent E-commerce Explosion
E-Commerce is currently hugely untapped in Mexico, largely due to a relatively small portion of the population owning credit or debit cards, combined with a general lack of confidence in making payments online and in the national postal system.
More than half of Mexicans over the age of 6 use the Internet, but while 85% of users access social networks, only a quarter use the Internet to make purchases, according to a survey by the Mexican Internet Association.
However, experts suggest this is poised to change in the near future, as attitudes shift and the numbers of internet users, particularly via smartphones, rapidly increases. This is demonstrated by the fact that several giants of the online shopping world, most notably Amazon, launched full-fledged Mexican operations in 2015.
