Mexico | Consumption grew 1.8% in March with a slowdown in the services sector

Summary

The BBVA Research Big Data Consumption Indicator grew 1.8% MaM in March with seasonally adjusted figures, with a slowdown in the services sector possibly associated with lower consumption by residents (vs. international tourism), and a moderate growth in the goods segment.

Key points

• Key points:
• High mobility with gasoline consumption reporting a monthly variation of 4.9%, which suggests a recomposition of household spending and a continuous incorporation of families into their out of home work and school activities.
• Airline sales grew 11.2%, which along with the dynamism of the hotel sector, points to the reactivation of international tourism in March, possibly associated with spring break in the US, amid less restrictions due to COVID.
• Private consumption will face a challenging outlook in 2022, in a context of higher prices and the risk of an extension of the conflict in Ukraine, with effects on global value chains and its corresponding impact on costs for producers and consumers.

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