Mexico City. The optimistic view of the country’s and households’ economy in the short term increased consumer confidence in Mexico during October, revealed data from the National Institute of Statistics and Geography (Inegi).
In the midst of a change of administration in the country, Mexican sentiment, measured through the Consumer Confidence Indicator (Icc), stood at 49.4 points in October, a record level in the series, and represented an increase of 2 points compared to the previous month.
Inside, monthly increases were observed in the five components that comprise it. By October 2024, confidence rose again hand in hand with the hope of a better economic situation at home (3.1 points) and in the country (4.2 points) within 12 months and the possibility at the current time of the members of the household, compared to those of a year ago, to make purchases of furniture, television, washing machine, other household appliances, etc., with an increase of 0.8 points.
The economic situation of the country today, compared to that of a year ago, rose 1.7 points; while that of Mexican households increased 0.4 points.
In its annual comparison, the Icc increased 3.4 points in seasonally adjusted terms. Supported by the increase in the five components, led by confidence in the country’s future, with an advance of 7.4 points compared to October 2023. The expected economic situation of household members within 12 months, compared to the current one recorded an increase of 3.6 units. And the purchase of durable goods rose 1.9 points.
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 ninth month of the year, confidence of the consumer in Mexico was strengthened, amid the change of administration, who are confident that the economy will improve in the short term.
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