Mexican consumers confidence ends 2017 stronger than a year ago
Mexico’s Consumer Confidence Index (ICC, for its acronym in Spanish) revealed that consumers ended 2017 with the most positive outlook in three years. With an annual increase of 3.4% in seasonally adjusted figures, the ICC reported the most significant growth for a similar month since 2014, official figures show.
According to the December 2017 report of the National Institute of Statistics and Geography (INEGI), the possibilities of households to acquire durable consumer goods, such as appliances and furniture, represented the main strength of the indicator.
Compared to December 2016, this component of the ICC indicated an increase of 15.2%, placing itself as the fastest growing among the five that reflect the consumer’s feeling of confidence.
The current economic situation of the respondents compared with the one they had a year ago, was another of the items of greatest progress at the end of the month with a rise of 2.2%, as well as their expectations about their future economic situation, which grew 1.7%.
Their assessment of the current economic situation in the country was the only item that stood out due to a low, this one of 1.8%.
Among the complementary indicators, which despite not being used to estimate the ICC serve to give an overview of the feeling that prevails among consumers, the possibilities that households claim to have at this time to save a part of their income stood out with a decrease of 3.5% annual
On the contrary, plans to acquire a new or used car in the next two years showed its greatest growth with an increase of 25.7%, followed by the intentions of buying, building or remodeling a house in the same period, which advanced 13.5% compared to the close of 2016.
However, compared to the previous month, consumer confidence fell 0.2% last December, affected mainly by the perspective that households have on the performance of the economy over the course of next year. This component lost 1.4% compared to November.
In addition, fears of consumers about the performance of inflation in 2018 is another of the items that most weakened the confidence, since it decreased 10.7% at monthly rate.