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Amazon had its most successful holiday season yet, bolstered by an extended Black Friday sales period and improved delivery speed. Amazon slightly exceeded our 2024 sales expectations by 30 basis points. As in Q3, ecommerce was again a bright spot for Target, Walmart, and Amazon as shoppers prioritized convenience, especially given the shorter holiday season.

After a month of delays, Trump imposed 25% tariffs on Mexico and Canada before adding last-minute exemptions to goods that fall under USCMA (about half of all imports from Mexico and 38% from Canada) until April 2. The administration also added another 10% tariff on Chinese imports. China and Canada have since announced retaliatory tariffs.

The prevailing narrative: There鈥檚 no shortage of bleak headlines (including from us) about retail鈥檚 uncertain outlook this year, as companies like Amazon and Unilever issue downbeat guidance, citing stiff macroeconomic headwinds in the US and abroad. The US Commerce Department鈥檚 January retail sales report added fuel to the fire as countless articles noted:.

The largest audiences outside the US for the Super Bowl were Mexico (24.1 million viewers) and Canada (18.8 million), with Germany in a distant third at 3.8 million. The NFL still has major ground to cover outside North America. The good news? Germany, the UK, and Brazil are among the markets where the NFL already hosts some of its international games.

Google, Meta, and Amazon dominate the advertising ecosystem in Canada. Each has established a foothold in a media niche鈥攕ocial media for Meta, search (and video) for Google, and retail media for Amazon鈥攁nd built unrivaled leadership positions. The triopoly鈥檚 share of ad spend in Canada in 2025 will be 75.6%. This is compared with 62.5% in the US and 65.2% in the UK.

As Pix becomes further entrenched in Brazilian society, cash could easily find itself falling by the wayside much faster than in more cash-dependent countries, like Mexico and Colombia. Pix will put card networks on notice.

The three largest Latin American economies鈥擜rgentina, Brazil, and Mexico鈥攂ecame part of the 10%+ group in 2020 and 2021. So did France and Spain. In Asia, Japan and Singapore鈥攐ften considered digital leaders鈥攁lso passed the threshold, but years after China and South Korea.

That鈥檚 not as easy as it sounds, because Walmart, Costco, and Amazon are some of the largest mass merchants in Canada. Many retailers have included 鈥淏uy Canadian鈥� signage in product aisles, flagging domestic goods. Loblaw has included symbols denoting products with prices affected by tariffs.

Shoppers in this age cohort are also in the prime earning years of their careers and represent the second-largest digital buyer segment in several Latin American countries, like Brazil and Mexico, behind 25- to 34-year-olds. But not all consumers see the utility of sponsored product ads.

Now this is the case in Mexico in particular where we do see players like Mercado Libre, Amazon, and Walmart having user traffic greater than the main publishers of the country, which is a very interesting trend that has only accelerated over the years. And not only that, in terms of growth, I put together an analysis of our top 10 fastest-growing companies ranked by digital advertising revenues.

Respondents were from: UK, US, France, Spain, China, Japan, Australia, Brazil, Argentina, Mexico, Colombia, India, Poland, UAE, Netherlands, Germany, South Africa, and Thailand.

Roku is making gains outside the US, too; in Mexico, it was the top selling smart TV operating system for the second quarter in a row.

The news: Uber is expanding its retail media push into Europe by appointing Paul Wright, who most recently worked for Farfetch and Amazon, to lead Uber Advertising for the UK and Ireland. This comes on the heels of Uber announcing it would be offering in-app advertising with Journey Ads designed to target users more likely to transact.

It will be another turbulent year for social media in Latin America. As the number of users nears 400 million, declines at Facebook and Twitter will have profound, long-lasting implications for the region鈥檚 two biggest markets: Brazil and Mexico.

Amazon has shown it can compete with Netflix anywhere. We believe that Netflix still has a sizable viewership lead on Amazon overall, but the gap is likely shrinking. In the eight countries for which we have estimates on both services, viewership is broadly comparable. And Amazon already has more viewers than Netflix in India, Germany, and Japan.

Those include 2,784 in Mexico, 866 in Central America, 403 in Africa, 402 in Canada, 385 in Chile, 372 in China, and 28 in India. In terms of total square footage, Mexico leads the pack, followed by China and Canada. Walmart International鈥檚 net sales are about a quarter of Walmart US鈥�.

A May 2024 Canalys survey showed that interest in buying an AI-capable smartphone was significantly higher in India and China than in the US, Mexico, or Germany. And Apple鈥檚 October 2024 introduction of its AI product, Apple Intelligence, for its smartphone and PC operating systems will likely hasten the process.

It recently reentered the Indian market; rolled out plans to launch its online marketplace in Mexico, Germany, Spain, France, and Italy this year; announced partnerships with brands such as Skechers and mothercare company Lansinoh; and expanded into new categories such as home appliances and smart home products.

For those with a global approach, look to India, Indonesia, Mexico, and Brazil. These are the four emerging markets with significant scale that will also grow by double digits this year. Over the long term, India remains the most promising. For those seeking a regional strategy, favor Southeast Asia over Latin America.

Mexico topped the list for most time spent with Netflix at an average of 458.2 minutes per month, followed by Germany at 426 minutes per month, according to January 2023 Comscore data. This aligns with Western Europe and Latin America being the second- and third-most-penetrated regions for Netflix among digital video viewers, respectively, per our forecast.