Whilst the world economy stubbornly refuses to lift itself out of the doldrums, impressive expansion in some industrial sectors in Mexico is fueling burgeoning growth in both industrial and consumer markets. A case in point is the automobile industry which has scaled to historical heights, both in absolute production figures and exports. Aviation also broke export records in 2012 rounding off 4 consecutive years of double-digit growth. This, in turn, has proved to be a stimulus for the creation or expansion of semi-manufactured suppliers in segments such as: metal transformation; plastics; plating; composites; chemicals; logistics; etc. Direct foreign investment is forecast to double this year which significantly improves estimates for growth in machinery, equipment and industrial inputs.
Hi-tech industries and those in sectors such as: ITC; software; electronics; pharmaceuticals; etc. are fueling a surge in the shops. The rapidly growing middle-class is acquiring ever more sophisticated tastes. This is especially noticeable if boomtowns such as: Querétaro; Aguascalientes; León; Tijuana and many others. The swiftly developing market for household goods has given rise to the creation or opening of specialised chains that, until very recently, were only frequented by those lucky enough to travel to the States or Europe. Now Mexicans are flooding stores like Casa Palacio, Zara Home, The Home Store, Crate & Barrel and Bed, Bath & Beyond hunting for the latest gadgets and decoration in their local shopping centres.
Whilst the middle and upper-middle classes are still a smaller percentage than in Europe, in a market of 115 million consumers there are many opportunities to be seized for those with novelties and innovations to offer.