Mexico | Consumption fell (-)3.4% in November; lower spending on goods and fewer sale days

Summary

The BBVA Research Big Data Consumption Indicator fell (-)3.4% MaM in November, taking the average monthly variation for 4Q22 to (-)1.2% (vs -0.7% in the first two months of 3Q22), with real figures seasonally adjusted.

Key points

• Key points:
• The performance of spending was negatively affected by the (-)4.9% drop in the goods segment, the largest since December 2020.
• The services segment grew 1.0% MoM, with mixed performance among its components; spending on restaurants and hotels fell (-)5.9% and (-)4.0%, respectively, while the leisure component grew 4.9%.
• Regarding spending by type of establishment, online purchases fell (-)4.9%, while spending in physical establishments fell (-)3.3%, its biggest drop since the start of the pandemic (April 2020).
• Although fewer sale days explain part of the loss of dynamism in consumption this November, the consecutive increases in the reference interest rate also imply a restriction on spending, to the extent that they increase the cost of financing for agents in the economy.

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