Mexico Consumer 1st Survey Results: Stressed Consumers, Structural Down-Trade, Private Label Rise, & Proximity Imperative

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Mexico Consumer 1st Survey Results: Stressed Consumers, Structural Down-Trade, Private Label Rise, & Proximity Imperative

through: most-stressed banner mix; elevated

dependence on government transfers; needs Higher elasticity risk given stress profile; value execution gap vs Traffic resilience vs value peers; whether affordability actions

Organización Soriana (SORIANAB)

affordability/proposition clarity to protect traffic; penalized on “more “reference price point” formats. reduce “more expensive” friction and stabilize perception.

expensive.”

Mid-pack stress; needs to protect traffic via affordability/proposition “More expensive” remains a meaningful deterrent, Pace/quality of proximity-format growth (Supercito) and whether

Chedraui (CHDRAUIB) clarity; PL adoption looks meaningful/steady; shopper cohort also but coverage/proximity is the more fixable constraint (a presence incremental coverage in underpenetrated regions reduces “why not

screens relatively brand-sticky. gap rather than a structural proposition gap). shop” friction and improves trip frequency/share defense.

Convenience demand stays mission-led (top-ups, services

Alcohol moderation could pressure an important attach/mix driver Mix/traffic durability if alcohol moderates; ability to offset via

FEMSA (OXXO) payments, snacks/drinks); price premium is widely perceived but

for convenience over time. services, snacks, non-alc beverages and other trip drivers.

accepted; proximity is the moat.

Channel exposure risk is tied to convenience occasions; proximity

12M alcohol consumption trend skewing lower (drink less/stop) → Whether moderation persists vs normalizes; elasticity/pack

Becle (CUERVO) formats can cushion volumes by sustaining frequency even if

potential demand/mix headwind through convenience occasions.