Mexico | Consumption gathered pace in December with high spending on restaurants and goods

The BBVA Research Big Data Consumption Indicator (ICBD BBVA) grew 2.7% MoM in December, with real seasonally adjusted figures

Key points

• Key points:
• Spending performance was driven by restaurants (7.3% MaM) and the goods component (4.1% MaM).
• Gasoline spending as a proxy for mobility fell (-)1.7%, its third consecutive drop and its lowest level since March 2022.
• Considering the December data, consumption fell (-)0.5% in 4Q22, which suggests the slowdown of private spending continued at the end of the year, compared to the momentum that this GDP component registered in 1H22.
• We estimate the cooling of consumption will continue in 2023, and will become more pronounced towards the second and third quarters, in an environment of more restrictive monetary policy, with an effect on the cost of financing for households.

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