Published on Tuesday, September 12, 2023

Mexico | Slow consumption dynamism in August

The BBVA Research Big Data Consumption Indicator (BDCI) fell (-)0.3% MaM in August, with real figures adjusted for seasonality

Key points

  • Key points:
  • Despite the decrease in spending observed during the period, consumption at point-of-sale terminals is still above its level in May (+2.9%), the month prior to the discount week (Hot Sale).
  • We anticipate that consumption will show resilience going forward, given the accumulated gains in real wages and real wage bill. Additionally, the most recent data from the ENIGH point to a reduction in the household savings rate, especially among the highest income deciles.
  • By components, spending on goods decreased (-)1.3%, with a drop in the food segment (-2.2%) and a positive variation in spending on health care goods (3.7%); The services segment, for its part, grew 0.9%, with a variation of 1.7% in the entertainment component, and drops of (-)4.9% and (-)3.3% in restaurants and hotels, respectively.
  • We anticipate consumption will extend its dynamism towards the second half of the year, given the good performance of formal income and employment, with changes in household spending patterns towards lower financial savings.

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