Mexico’s consumer confidence reached an all-time high in October 2024, coinciding with the inauguration of President Claudia Sheinbaum. The Consumer Confidence Indicator (ICC) hit 49.4 points, marking a significant 2.0-point increase from September. This surge represents the highest level since the indicator’s inception in 2001.
The record-breaking figure surpasses the previous peak of 44.3 points observed at the start of Andrés Manuel López Obrador’s presidency in December 2018. Sheinbaum’s administration begins with a strong economic outlook, as reflected in the consumer sentiment data.
Several factors contributed to this unprecedented rise in consumer confidence. The component measuring expectations for the country’s economic situation over the next year showed the most substantial growth, increasing by 4.2 points. This suggests a widespread optimism about Mexico’s economic future under new leadership.
Household economic expectations also improved significantly. The indicator for expected household financial situations within the next 12 months rose by 3.1 points. This uptick implies that Mexican families anticipate better personal economic conditions in the coming year.
The perception of the current national economic situation also improved, with a 1.7-point increase. This indicates that consumers view the present economic climate more favorably than in previous months. Despite a slight uptick in inflation, consumers’ propensity to purchase durable goods increased by 0.8 points.
Consumer Sentiment in Mexico Reaches 23-Year Peak Under Sheinbaum
Employment prospects played a crucial role in boosting overall confidence. The indicator related to job opportunities showed the most significant advancement among the ICC’s ten complementary indicators. This reflects a growing belief among households that the employment situation has improved compared to the previous year.
The Instituto Nacional de Estadística y Geografía (INEGI) calculates the ICC based on household surveys. Respondents choose from five options ranging from “much better” to “much worse,” with responses weighted accordingly. The index considers both current perceptions and future expectations.
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