Published on Tuesday, March 14, 2023

Mexico | Consumption grew 1.5% in February driven by the services sector

The behavior of private spending was fueled by the growth of 3.4% in the services segment, while the consumption of goods fell (-)0.8%.

Key points

  • Key points:
  • Within the services sector, spending on hotels grew 4.8%, reaching a level 17% higher than the one registered in January 2022; consumption in restaurants grew 4.1%, reaching its best level since the start of the pandemic.
  • Within the goods segment, food consumption grew 2.0%, exceeding its level of January of last year by 16%; spending on health care goods grew 2.2%, after the falls observed in the two previous months.
  • Regarding spending by type of establishment, online consumption is recovering ground with a monthly variation of 11.8%, the highest since November 2020, after the slowdown reported in previous months.
  • We anticipate that consumption will continue to show resilience in the following months, driven by gains in real wages and employment, in a context of gradual reduction in inflation levels.

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