Mexico | Online sales boost consumption in November

Summary

The BBVA Research Big Data Consumption Indicator grew 2.4% MoM in November, 1.5 pp above the figure recorded the previous month

Key points

• Key points:
• The most recent data on the balance of household deposit accounts in the financial system suggest that in recent months higher spending has been driven by lower savings, among other factors.
• Regarding the services component (1.0% MoM), the sectors linked to tourism recovered in November, registering monthly changes of 5.0% (hotels) and 2.4% (restaurants).
• In terms of consumption by type of establishment, online consumption grew 30.2% in November, while purchases in physical establishments fell (-)1.5%.
• We anticipate that consumption growth could lose ground in the coming quarters if the slowdown in the real wage bill is not reversed; according to IMSS data, the real wage bill grew 5.6% YoY in November (sa), its lowest figure since Dec-21.

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