The last five years have seen big changes in the share of spending, with younger households driving gains: Millennials and Generation Z adults, representing 32% of spending, an increase of 8 points compared to 2020, while Boomers and older generations have experienced a drop of almost 10 points in the same period, according to Numerator, a data and technology company that operates in the market research space.
Generation Z (born between 1997 and 2012) is influenced by social media, especially TikTok, Instagram and YouTube. The study ““Psychology of responsible consumption in Mexican Generation Z”carried out by the Autonomous University of Nuevo León (UANL, 2023), found that the purchasing motivation of this generation is directly related to their personal identity, that is, clothing, technology and even the type of food they consume is associated with their self-perception; They have the need to be accepted by their circle, and this influences many of their decisions when purchasing an item. In addition, they lean towards ethical or sustainable products.
Among the four large generational groups in Mexico, Millennials (born between 1981 and 1996) appear to have the strongest finances in the country. According to YouGov, an international market research company, 21.1% of Mexican adults aged 28 to 43 claim to have disposable personal income (the income that remains after paying taxes, food, rent and services) of 10 thousand pesos or more. In contrast, although they show interest in investments, they also present a certain financial vulnerability, being more prone to making impulsive purchases compared to other generations.
Read more: Mexican Grand Prix will leave a spill of 20,000 million pesos: Brugada
Participation in expenditure: this is how different generations consume
Generation X (born between 1965 and 1980) is the generation of responsible consumption. Innova Market Insights notes that this group places a significant emphasis on savings due to future uncertainty, emphasizing sustainability, minimizing food waste and choosing local products. They incorporate sustainable practices into their daily lives, maintaining a rational approach towards sustainability and health. When purchasing, they value the quality, reliability and reputation of the brand. According to GlobalWebIndex, they have increased their consumption of online sales, adapting to new trends in electronic commerce. They use Facebook the most, followed by Instagram, TikTok and X.
Baby Boomers (born between 1946 and 1964) are active and independent consumers in Mexico, interested in health, family, nutrition, fitness and travel. Many of them are retired and have a stable income, which allows them to engage in online shopping.
The Aleph firm indicates that the market of this generation is underestimated by many marketing areas of companies, since 92% of this group does not identify with advertising campaigns; the argument: a stereotype of people over 60 years of age being “obsolete about their technological disconnection”, despite the fact that The State of Marketing 2024 study indicates that 9 out of 10 Baby Boomers in Mexico are connected to the internet through a mobile phone, and that 92% access social networks.
Consumption trends in Mexico reflect a diversity of behaviors and preferences between generations. While Generation Z and Millennials show a strong inclination towards digitalization, sustainability and the search for authentic experiences, Generation X and Baby Boomers maintain a more traditional approach, valuing quality, trust and stability. Brands that want to effectively connect with these groups must adapt their strategies to resonate with the specific values and behaviors of each generation.
You may be interested: Kim Kardashian reveals that she was diagnosed with a brain aneurysm
