Within the indicator, all five components fell, highlighting the expected economic situation of the country in 12 months, compared to the current one, which fell by 0.7 points.
The expected economic situation of household members in 12 months and the economic situation of the country today, compared to 12 months ago, decreased by 0.4 points; the current economic situation of household members and the current possibility of purchasing furniture, a television, a washing machine or other household appliances decreased by 0.3 points, Inegi said in a statement.
“The deterioration in consumer confidence and its components is consistent with the observed economic slowdown and the downward risks to growth in the second half of the year. Due to the close economic relationship between Mexico and the United States, consumer confidence in Mexico could deteriorate further if the economic slowdown in the United States materializes,” Banco Base commented.
Compared to July 2023, the ICC registers an increase of 0.6 points.
Complementary indicators
In addition to the five main components, the ICC takes into account 10 complementary indicators to understand the feelings of Mexicans regarding the country’s economic situation.
In July, eight of the 10 complementary indicators recorded a decline.
The largest declines were in: Current possibilities of saving some part of their income (2.9 points) and Does any member of the household consider building or remodeling a house in the next two years? (2.3 points). Regarding savings, the economic conditions for saving within 12 months showed a drop of 1.8 points.
Both the behavior of prices in the country in the following 12 months and the current possibilities of buying clothes, shoes or food compared to those of a year ago registered a fall of 1.4 points.
In contrast, the employment situation in the country over the next 12 months rose 0.5 points, and the personal economic situation at this time compared to 12 months ago rose 0.1 points.
