Mexico | Private spending moderates in November

Summary

The BBVA Research Big Data Consumption Indicator reported 0.5% MoM growth in November, with lower spending on goods and services. Goods spending increased 0.4% MoM, extending the sluggish momentum observed since September, while services grew 1.0% MoM, decelerating after the strong rebound recorded in the previous month.

Key points

• Key points:
• By subcomponents, food consumption rose 2.2% MoM, while spending on health care–related goods increased 1.4% MoM.
• Within the services segment, spending on restaurants (7.1% MoM) and hotels (3.0% MoM) stood out, while spending on entertainment services contracted (-19.5% MoM).
• We expect private spending to recover gradually throughout 2026, supported by a gradual improvement in real wage income and an easing of external uncertainty, while investment may exhibit a more subdued recovery.

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