The confidence of Mexicans decreased at the end of 2024

Faced with greater concern about the current and future economic situation of their households, as well as that of the country, the confidence of Mexican consumers deteriorated in the final stretch of 2024, revealed data from the National Institute of Statistics and Geography (Inegi).

This perception, measured by the Consumer Confidence Indicator (CCI), stood at 47.1 points in December, a drop of 0.5 points compared to the previous month and a second consecutive decline. At an annual rate, it registered an increase of 0.2 percent.

The December confidence indicator erased October’s rise, which reached a record level in the series, and returned close to its annual average, due to a pessimistic view on employment and inflation.

Monthly falls were observed in four of the five components that comprise it. For the last month of 2024, confidence decreased hand in hand with the opinion about the current economic situation of the household (0.5 points), the current and future economic situation of the country (0.8 and 0.5 points); Likewise, the current possibility of household members buying furniture, television, washing machine, other household appliances, etc., decreased 0.9 points compared to that of a year ago.

The economic situation of the country today, compared to that of a year ago, advanced 0.2 points in the monthly indicator.

Among the 10 complementary indicators, the perception of employment and that of prices in the country in one year fell 1.9 and one point, respectively.

The is missing Trump effect

The data continued to move away from the maximum reached at the beginning of the fourth quarter of 2024 and showed some pessimism due to the current economic environment. Going forward, we consider that the trajectory of inflation in December will be key, as well as a robust labor market, considering the rebound in the unemployment rate. Finally, it will be important to consider the effects of Donald Trump’s return to the White House on January 20. This factor could trigger concerns in the vision of consumersdescribed Rosa Rubio, economic analyst at Monex.