Mexico | Consumption grew 2.0% in January with less mobility and higher spending on goods

Summary

The behavior by components suggests a correction on the high expenditure on services registered during the holiday season, on top of an increase in the number of Omicron cases that could reduce families’ activities outside the home.

Key points

• Key points:
• Gasoline consumption, as a proxy for mobility, fell (-)4.7% in January, the first contraction since August 2021.
• Within the services segment, spending on hotels droppped (-)7.1%, while consumption in restaurants fell (-)1.1%.
• Within the goods segment, spending on food rose 2.6%, while spending on health care products increased 17.3%.
• Online spending grew 0.8% MoM, reaching a sales amount equivalent to 2.3 times its pre-pandemic level.

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