In 2024, Mexico targets steady consumption growth, fueled by increased social spending and the country’s largest election ever.
Business and banking leaders predict that social programs, minimum wage hikes, and job creation will significantly drive consumption.
Retail sector representatives, like ANTAD, foresee a surge in sales due to the cash influx from electoral activities.
Pablo González Guajardo, CEO of Kimberly Clark, also expects domestic spending to rise, supported by higher wages, job growth, and social program aids.
The government plans early payouts for social program beneficiaries to comply with electoral regulations.
The Ministry of Welfare will distribute MXN$155.482 billion ($9.11 billion) to 13.9 million people across three programs.
The majority of this, 93.5%, supports the elderly, with the rest aiding people with disabilities and working mothers’ children.
The Ministry of Public Education intends to advance student scholarship payments, further supporting the economic boost.
Last year’s program benefited 12.5 million students, with plans to expand by two million more in 2024.
Families with children in basic education will receive MXN$5,520 ($323) each, as will high school students.
Higher education students are set to receive MXN$16,800 ($985).
These initiatives aim to keep the economy resilient by increasing disposable income and encouraging spending.
Overall, Mexico’s strategic approach in 2024 focuses on leveraging social programs and election-related spending to sustain and enhance consumer activity.
This effort reflects a broader commitment to maintaining economic stability and growth, even amid significant national events.