Mexico's Consumers: Not Such Shopaholics After All Jude Webber - The Financial Times
go to original February 25, 2014

Consumerism seems rife in Mexico – stores bustle with shoppers and promotions designed to lure customers and keep them hooked are legion. So it’s no surprise that retail sales rose in December, on an annual basis, more strongly than expected.

But compared with November, which was a strong month for retail sales because of the success of the annual “Good Weekend” sales spree, the picture was not so pretty.

Whereas December retail sales rose 2.2 per cent compared with December 2012, they fell 2.35 per cent compared with November. Tax rises that took effect last month are partly to blame for the current gloomy mood, analysts say.

Barclays is already mulling over whether to trim its 2014 GDP forecast – note that Mexico’s growth was a paltry 1.1 per cent last year – and the bank was not brimming with confidence about consumer spending ahead.

Read the rest at The Financial Times

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