Consumer confidence slowed down in March, reports Inegi

Mexico City. The deterioration of the perception of the expected economic situation for Mexico, as well as of employment for the next 12 months, slowed down the level of confidence of Mexican consumers, which will be reflected in their pockets, revealed data from the National Institute of Statistics and Geography. (Inegi).

Mexican sentiment, measured through the Consumer Confidence Indicator (Icc), stood at 47.3 points in March, which represented a monthly advance of 0.1 points; while in its comparison with the same month of 2023 it remained with a growth of 2.8 points.

The confidence of Mexican consumers decreased, due to the monthly drop in two of its five main components, one referring to the expected economic situation of the country, which fell 0.2 points, the second consecutive downward reading; while the current possibility of household members to make purchases of durable goods decreased 1.0 points in March compared to February. Meanwhile, the country’s economic situation today, compared to that of 12 months ago, did not change.

While in those corresponding to the current economic situation of the household, with an increase of 0.5 points, and the future economic situation of the members of the household, with a monthly increase of 0.6 points in March, they maintained the indicator with a marginal increase in the reference period.

Hence, the component that captures the current possibility of household members to make purchases of durable goods decreased, after its rebound in February and remained at a level similar to that registered in November 2023.

The rise in inflation during the first quarter of the year, mainly due to agricultural products and services, such as restaurants, taquerias or tourism, as well as job creation, moderated consumer sentiment.

According to the complementary indicators, Mexican households have distrust in the employment situation in the country in the next 12 months, as it went from 51.7 points in February to 49.5 points in March, 2.2 units less. Likewise, the possibility of buying clothes, shoes, and food decreased 2.1 points a year ago.

Thus, the data provided by the National Survey on Consumer Confidence in 2,336 urban homes nationwide, prepared jointly by Inegi and the Bank of Mexico (BdeM), reflected that in the third month of the year, confidence Consumer demand in Mexico slowed down, although it remains at high levels.

The current possibility for household members to make purchases of furniture, television, washing machine, other household appliances, etc., presented an annual increase of 3.5 units.

For its part, the current economic situation advanced 3.8 points in March, compared to the same month of 2023 and expected of household members (2.9 units) and in those corresponding to the present economic situation (2.5 points) and future of the country ( 1.1 units).