Following a setback in the previous month, Mexican consumer confidence improved in August, encouraged by the country’s current economic situation compared to 12 months ago and the expected situation of household members in 12 months compared to the current situation, according to data from the National Institute of Statistics and Geography (INEGI).
Mexican sentiment, measured by the Consumer Confidence Indicator (CCI), stood at 47.6 points in August, which represented an increase of 0.5 points compared to the previous month, and remained at high levels. Four of its five components advanced, while the component of the current economic situation of household members compared to 12 months ago fell 0.1 points.
After Mexican consumer confidence stagnated in April and May, Inegi estimated that confidence regained in June, due to the increase in three of the five main components, and returned to February 2019 levels. However, by the seventh month of the year, their confidence in the situation at home and in the country deteriorated, which will hit their pockets.
By August, confidence increased again, driven by hopes for a better economic situation at home and in the country within 12 months and the current ability of household members to purchase furniture, televisions, washing machines, other household appliances, etc., compared to a year ago.
Thus, the data provided by the National Survey on Consumer Confidence of 2,336 urban households nationwide, prepared jointly by Inegi and the Bank of Mexico (BdeM), reflected that in the eighth month of the year, consumer confidence in Mexico remains at optimistic levels, but with caution, increasing 0.8 points compared to August 2023, as it shows a slowdown in its annual comparison.
The five components of the index showed progress, but the situation expected by households and the country, as well as their purchasing power, was highlighted.
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– 2024-09-12 16:26:04
