The developing market is closely tied to the United States economy. Considered a powerhouse in Latin America, Mexico has grown since the early 1970s. The region continues to thrive despite highly regulated private sector and foreign imports. However, recent trade revisions have introduced several restrictions, particularly between Mexico and the US.
Strategies around consumer trends have begun to shift in the region, despite a history of staunch brand loyalty. While Mexicans are considered some of the most loyal consumers in the world, these sentiments are slowly shifting. Consequently, consumers are becoming more driven by quality, practicality, and price. In response, consumers are turning toward e-commerce spending with a boom in the online shopping market.
Launching Your Brand in Mexico
Mexico is also quite regulated from a product compliance perspective. You would require authorized representation or responsible persons for food, contact materials, electronics, and toys.
You will also need to carefully classify your goods in Mexico, as duties will depend on this classification and are non-refundable.