Mexico | Consumption slows down in September, although it exceeds its Dec-22 level by 8.5%

Summary

The BBVA Research Big Data Consumption Indicator reported a drop of (-)0.5% MoM in September, with real figures adjusted for seasonality.

Key points

• Key points:
• Consumption at point-of-sale terminals registered a drop of (-)1.0% in 3Q23, although it is still 8.5% above its level in December of last year.
• By components, spending on goods decreased (-)0.6%; food and health care goods showed positive variations (2.2% and 3.3%, respectively).
• Spending on hotels fell (-)5.3%, consumption on restaurants fell (-)3.8%, while leisure services grew 0.1%.
• We estimate private consumption will show a positive evolution in the coming months, given the dynamism of formal income and employment, with changes in household preferences towards less financial savings.

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