Hopes and challenges on the 2024 horizon for Mexico

Appinio Research · 27.03.2024 · 13min read

Hopes and challenges on the 2024 horizon for Mexico | Appinio Blog

As we head into 2024, Mexicans find themselves at a crossroads of emotions, expectations and plans that paint a complex and nuanced picture of their vision of the future. The study conducted by Appinio earlier this year, entitled "Unveiling the future of Mexico," gives us an in-depth look at these feelings, revealing not only how citizens anticipate the year ahead, but also what they hope to achieve, what their biggest concerns are, and what they are willing to invest their time, energy and resources in.

 

Next, we will look at how people's sentiment translates into concrete expectations for the year, setting the tone for a deeper exploration of their plans, concerns and aspirations. This approach allows us to understand not only the surface of their emotions, but also the underlying currents that will influence their decisions and experiences during 2024.

 

 

Mexicans are thinking positively

In 2024, the attitude of Mexicans reflects a remarkable optimism, both at a personal and national level. According to the Appinio study, a large majority of the population anticipates significant improvements in various aspects of their lives.

 

Specifically, 76% of those surveyed believe that their personal economy will experience an improvement this year, while 70% believe that the year will be better for the country as a whole. In addition, 87% are confident that 2024 will mark a year of progress for them and those close to them. This positive outlook raises questions about the basis for this shared optimism, suggesting a collective vision full of hope and expectations for progress.

This is what Mexicans plan to do in 2024

On the brink of 2024, Mexicans have set goals that reflect not only their individual aspirations but also cultural and generational trends. Among the most popular New Year's resolutions, 54% of those surveyed want to increase their physical activity or start exercising. On the other hand, 51% have the goal of saving more money, evidencing a concern for financial stability.

 

In addition, 49% aspire to explore more destinations within Mexico, showing a desire to connect more with their country and its cultural richness. This interest in travel shows significant variations between generations, with Millennials leading the way: 57% of Millennials show a particular interest in learning more about their country, followed by Generation X and Boomers with 45%, and Gen Z with 41%. This data reveals the priorities and adventurous spirit that characterizes Mexicans in this new year.

 

 

What concerns the Mexican society

The report "Unveiling the future of Mexico" sheds light on a broad spectrum of concerns that occupy the minds of Mexicans as we move into 2024. Insecurity and crime rank at the top of these concerns, affecting 88% of the population, with even greater concern among women (89%). Almost on a par, rising prices and inflation are of concern to 87%, reflecting the economic stress felt by society in the face of the rising cost of living.

 

Climate change is not far behind, being a concern for 84% of respondents, with a particular note among Millennials, where 88% express their concern. In addition, the country's economic situation is a source of anxiety for 77%, showing widespread concern for national economic well-being.

 

Additionally, personal financial capacity is a critical issue for Mexicans as we move into 2024. Forty-one percent of respondents indicate that, while they are able to cover their expenses, they have little margin left for savings or leisure. Thirty percent face financial difficulties, underscoring the economic pressure on a significant segment of the population. On the other hand, 29% feel financially stable, with the capacity to save and invest, showing a disparity in financial realities within the country. These insights may reflect the complexity of the economic situation and the challenge of achieving financial stability in the midst of global and local uncertainties.

 

 

 

Foreseen expenses: what Mexico plans to spend in 2024

Mexican consumers show themselves to be meticulous planners when it comes to anticipated large expenditures for 2024. Some 76% of respondents have already identified a significant expense for the year, with a notable skew toward car purchases (41%), travel arrangements (36%), and home purchases (17%). This planning trend is especially pronounced among those under 42, with 86% of them anticipating major expenditures, in contrast to 59% of older age groups.

 

In terms of financing strategies, the majority opt to use their own savings (68%), with Gen Z standing out with an impressive 80% preferring this option. Additional income plays an important role for 33% of respondents, while bank loans and credit cards are contemplated by 21% and 15%, respectively.

 

In addition, significant changes in consumption patterns are anticipated due to inflation, especially in food and beverages, with 62% expecting to spend more in this category. Travel also ranks high in spending priorities, with 46% planning to spend more on exploring new destinations. However, there is a downward trend in spending on entertainment and dining out, with 30% and 25% of respondents looking to economize in these areas, respectively.

 

 

Future outlook for Mexico

 

2024 is shaping up to be a year of great expectations in terms of innovation and technological development for Mexico, reflecting an optimistic view towards advances in key fields. An impressive 65% of Mexicans expect significant advances in artificial intelligence, demonstrating a strong belief in the transformative potential of technology. The adoption of wearable devices and enhanced experiences through virtual reality are also viewed with hope, with 39% and 34% of respondents, respectively, anticipating progress in these areas.

 

Despite this confidence in technology, remote or home office work presents a more nuanced picture. Only 33% of Mexicans see a promising future in this area, with a notable difference in perception between generations, with young people showing greater skepticism. This contrast reveals how expectations toward technological advancement can vary significantly depending on the area and demographics.

 

In contrast to technological optimism, advances in sustainability and social development generate less confidence. A mere 23% of Mexicans anticipate improvements in diversity and inclusion, and even fewer, only 11%, expect progress towards a decarbonized future. This skepticism is even more pronounced among Gen Z, with only 7% optimistic about progress in sustainability. These figures paint a complex picture, where, despite enthusiasm for technology, significant concerns persist about Mexico's ability to address critical social and environmental challenges in 2024.

 

Final reflections: A look into the future of Mexico in 2024.

Looking ahead to 2024, Appinio's "Unveiling the future of Mexico" report has revealed a landscape of emotions, expectations and plans that Mexicans harbor for the year. Through cautious optimism, the country's citizens face the future with hopes for personal and collective improvement, drawing a scenario where progress and resilience are intertwined with impending economic and social challenges.

 

The study has shown a marked optimism, with a majority anticipating improvements in their personal economy and in the general situation of the country, underscoring a confidence in the ability to overcome and adapt. In turn, the resolutions for the new year reflect a desire for well-being, financial stability and a deeper connection with Mexico's cultural and natural wealth, highlighting the importance of personal and collective values in shaping goals for 2024.

 

However, this optimism is tempered by significant concerns about insecurity, the economy and environmental challenges, highlighting Mexicans' awareness of the obstacles facing the country. Added to this is the reality of economic disparity, with one part of the population struggling to meet their basic needs while another prepares to make significant investments, reflecting the diverse financial realities within Mexico.

 

Spending plans for 2024, focused on car purchases, travel and housing, along with financing strategies, indicate a proactive attitude toward financial planning, despite economic concerns. This, coupled with expectations of changes in consumption patterns due to inflation, shows remarkable adaptability in the face of changing economic conditions.

 

In terms of predicted advances, enthusiasm for technological innovation contrasts with skepticism toward progress in areas of sustainability and social development, illustrating a complex vision of the future where faith in technology coexists with concerns about environmental and social challenges.

 

Providing a comprehensive view of Mexicans' hopes, plans and concerns for 2024, the report not only highlights the resilience and optimism that characterize society, but also underscores the importance of addressing economic, security and environmental challenges. Mexico's ability to navigate this uncertain future will depend on collective efforts, effective policies and a shared vision for sustainable and inclusive development, ensuring that the optimism reflected in this study translates into concrete progress for all Mexicans.

Want to know more?


Do you have any questions about the results of the study or would like to know how we could support you in your market research projects? Do not hesitate to contact us.

 

 

 

Join the loop 💌

Be the first to hear about new updates, product news, and data insights. We'll send it all straight to your inbox.

You can call this via showToast(message, { variant: 'normal' | 'error' }) function