Mexico | Consumption grew 3.5% in February, with a boost from the services sector

Summary

By components, the services segment grew 4.7% MaM, while the consumption of goods grew 3.1% MaM, in real terms, with seasonally adjusted figures

Key points

• Key points:
• Within the services sector, the hotel segment reported the highest dynamism, with a 8.1% MoM, followed by consumption in restaurants, which registered a monthly variation of 3.4%.
• Regarding the goods segment, spending on food grew 3.6%, while consumption of health care goods registered a monthly variation of 4.9%, the highest since August 2023.
• We consider that factors such as the accumulated gains in the real wage bill and the lower proclivity to save would be preventing contractions in private spending during 2024.
• We estimate the dynamism of private consumption in the coming months will compensate for the lower growth of other components of domestic demand this year.

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