Mexico: Consumer confidence edges down in March
April 4, 2013
In March, the unadjusted index of consumer confidence published by the statistical institute (INEGI) dropped a notch to 95.4 points from 95.5 point in February. The figure defied market expectations that had the index rising to 97.7 points. That said, consumer confidence is 2.1% higher than in the same month last year, which represents a slight improvement over the 1.9% increase seen in February.
Three out of the five sub-categories that comprise the index improved over the previous month, most notably, those related to expectations for the next 12 months. Nevertheless, households' willingness to purchase durable goods deteriorated markedly in March.
A month-on-month comparison corroborates the decline suggested by the annual figures, as consumer sentiment fell a seasonally adjusted 1.6%, which followed the 0.9% drop seen in the previous month.
LatinFocus Consensus Forecast panellists expect private consumption to grow 3.6% this year, which is unchanged from last month's projections. For next year, the panel sees private consumption expanding 4.0%.