Mexico | Atypical September does not prevent consumption slowdown in 3Q21

Summary

The BBVA Consumer Index grew 2.0% MoM (sa) in September, after the fall of (-)1.9% in August, in an atypical month with greater mobility and an increase in spending derived from the return to face-to-face teaching at schools.

Key points

• Key points:
• The moderate dynamism in the ninth month of the year does not compensate for the weakness in spending observed in July and August, and the BBVA Consumption Index fell (-)1.0% in 3Q21.
• The loss of momentum after the reopening and the spread of the Delta variant appear to have had an effect on private consumption during the third quarter of the year.
• Going ahead, we estimate that the slow dynamism of consumption will extend towards the end of the year, with an improvement in 2022 due to the greater scope of vaccination and the improvement in expectations for employment and household income.

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