Mexico | Consumption keeps its strength in January

Summary

The BBVA Research Big Data Consumption Indicator (BDCI) grew 2.7% MaM in January, its sixth consecutive growth since August 2024

Key points

• Key points:
• The boost recorded in consumption in the first month of the year was driven by the higher dynamism in the consumption of goods (2.6% MaM) and services (2.6% MaM).
• We anticipate private spending will continue to be the main driver of economic growth during 2025, given the high - although lower than that observed in recent years - growth in the real wage bill (4.9% YoY in January, ae).
• Regarding consumption of goods, spending on food grew by 1.7% MaM, with a year-on-year variation of 12.5% (the highest since May 2024).
• Regarding spending on services, the segments associated with tourism showed improvement, reporting monthly variations of 3.5% (restaurants) and 3.6% (hotels).

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