During March 2024, consumer confidence experienced a marginal increase of 0.1 points compared to the previous month. This indicates a trend of moderation observed throughout the year thus far.

Mexicans have begun 2024 with a moderate level of confidence in the national economy and in the economy of their households. During the March-April period, the Consumer Confidence Index (CCI) has remained virtually unchanged.

In March, the CCI stood at a level of 47.3 points, representing a modest increase of just 0.1 points compared to the previous month, according to data from the National Consumer Confidence Survey (ENCO) by INEGI.

It’s observed that the components evaluating expectations for the country’s economic future over the next 12 months show lower confidence among Mexican consumers.

During this third month of the year, confidence that the country’s economic situation will improve in the next year was the only component to experience a decline, dropping by 0.2 points compared to the previous month.

Expectations of consumers to make purchases for the home (furniture, appliances, or electronics) also decreased, with confidence in this area falling by 1.0 points.

On the other hand, the component assessing expectations of their household’s economic situation over the next 12 months showed the most positive performance, rising by 0.6 points.

Although Mexican consumers have shown moderation so far in 2024, there have been improvements compared to 2023. Year-on-year, the CCI recorded an increase of 2.8 percent.

The trend in the level of confidence among Mexican consumers aligns with inflation, which has resisted slowing down in these early months. As of the first half of March, the national inflation rate stood at 4.48%, still far from the Bank of Mexico’s target (3% +/- one percentage point).