Mexico | Consumption lost dynamism in March with lower growth in services

Summary

The BBVA Research Big Data Consumption Indicator reported a drop of (-)1.1% MaM in March, with real figures adjusted for seasonality; by components, the greatest slowdown was recorded in the services segment (-2.0%), while the consumption of goods decreased (-)0.1%.

Key points

• Key points:
• The slowdown in services could be associated with the deceleration in the components of the tertiary sector linked to the industry, such as transportation, professional and financial services (among others), considering the lower growth that secondary activities have recorded.
• Regarding spending by type of establishment, online consumption grew 0.6% (after the 6.7% growth recorded the previous month), while spending in physical establishments fell (-)1.2% (the largest decrease since July 2023, and the first since September of that same year).
• Gasoline consumption, for its part (as a proxy for mobility), fell (-)4.1%, the largest drop since January 2022, and the first of this year.
• Although the accumulated gains in real wages would provide relative resilience to certain segments of the tertiary sector, other components of the same sector would suffer the slowdown in the industry, due to their degree of integration with secondary activities.

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