Mexico | Consumption grew 2.2% in December, with a boost from the goods segment

The BBVA Research Big Data Consumption Indicator (BBVA Research BDCI) grew 2.2% MaM in December, with real figures adjusted for seasonality

Key points

• Key points:
• The goods segment grew by 3.3% MaM, while the services sector increased by 0.5% MaM.
• Within spending on services, consumption in restaurants grew by 6.5%, the highest figure since April 2023, while spending in hotels grew by 1.3%, its highest figure since April of last year.
• We anticipate private consumption will continue to show dynamism going forward, driven by the accumulated gains in real wages and real wage bill since mid-2022 (+7.6% and +12.6% since June 2022, respectively).
• In addition, lower levels of savings would be driving spending in the following months, as indicated by the data on the balance of household deposits in the hands of the financial system, which to date are at a level 4.4% below its pre-pandemic trend.

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