Mexico | Consumption resilience in January; higher spending on goods and services

Summary

The BBVA Research Big Data Consumption Indicator reported an increase of 3.8% MaM in January, with real seasonally adjusted figures.

Key points

• Key points:
• The behavior of spending was boosted by the growth of 4.9% in the consumption of goods and 3.8% in services.
• Spending in physical establishments rose 5.3%, the highest figure since April 2022.
• Consumption resilience was boosted by the improvement in real wage during January, with real growth of 1.0% MoM, seasonally adjusted (vs 0.2% on average for the previous six months).
• The consumption momentum would offset the slowdown in other segments of economic activity, such as manufacturing, more linked to external demand of durable goods.

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