Mexico | Consumption grew 0.9% in November, with a boost from goods and services

Summary

The BBVA Research Big Data Consumption Indicator grew 0.9% MaM in November, with real figures adjusted for seasonality (goods 0.4% MaM, services 1.0% MaM)

Key points

• Key points:
• We anticipate that consumption resilience will extend into the following months, driven by accumulated gains in real wages and real wages (+7.6, and +12.2 from June 2022, respectively); added to this is a lower tendency towards savings and the recovery of consumer credit.
• Within the goods segment, spending on food remained unchanged from the previous month (0.0%), while consumption of health care goods grew 0.7%; within spending on services, consumption in restaurants grew 2.0%, while spending in hotels grew 0.2%.
• Regarding spending by type of establishment, online consumption grew 1.0%, reaching a level 27.2% above that registered in Dec-22; consumption in physical establishments grew 0.8%, exceeding its Dec-22 level by 9.5%.
• We anticipate that domestic demand will continue to show dynamism going forward; GDP would growth 3.4% in 2023, and 2.9% in 2024, with resilience of private consumption.

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