17Oct

Letters From the Booming Markets of Mexico, Indonesia, South Korea, Turkey

Letters From the Booming Markets of Mexico, Indonesia, South Korea, Turkey

With many of the old-world economies in various states of turmoil, it's no wonder that marketers and investors are looking for the next big thing. The BRIC countries (Brazil, Russia, India and China) certainly haven't lost their economic luster, but the spotlight is increasingly turning to the MIST markets of Mexico, Indonesia, South Korea and Turkey.

Each country is forecast to be among the top 15 in annual real growth in GDP between now and 2050, according to PwC, with strong growth in per-capita GDP. In the nearer term, Indonesia breaks into ZenithOptimedia's list of the top 20 global ad markets this year and by 2013 will overtake Mexico, which like South Korea, is already among the top 20. Turkey is climbing closer to a projected 24th in 2013. Indonesia's size will make it one of the fastest growing ad markets adding $2.5 billion to the worldwide ad economy.

MEXICO

A youth segment in Mexico that has received much media attention is the so-called NiNis (Ni estudian, Ni trabajan or Don't work, Don't study). Their existence is thought to demonstrate a lack of opportunity and general apathy among youngsters in Mexico.

A Mexican psychologist we interviewed as part of our global "Truth About Youth" study highlighted the lack of contemporary heroes for a generation of young Mexicans and linked this to their strong emergent interest in retro music, fashion and design as young people seek idols and meaning in the past. Interestingly, when asked in our survey for the famous person they most admired, No. 1 answer was Gandhi.

Our global research indicates, however, that there is hope on the horizon. One of the motivations which young people over-indexed on vs. all the other markets is a motivation we've called "Gauntlet" (the need to challenge oneself). They spoke passionately about the need to establish goals and strive for something bigger and better.

There is a big opportunity for brands in Mexico to embody this "Gauntlet" mentality. In the focus groups, young people expressed their admiration for brands such as Nike (Just do it) and Gatorade (Go further), which operate in this emotional space. This generation of Mexican consumers need to look beyond seeking solace in the past, and find courage to look to the future.

Posted in Politic / Economic issues, Business, Nearshoring/Offshoring, Manufacturing in Mexico, Foreing investment in Mexico