Overview of Retail Sales Performance
In February, Mexican retail sales grew by a modest 0.2% compared to January, continuing a four-month trend of slight recovery, according to data released by the National Institute of Statistics and Geography (Inegi) on Wednesday.
Monthly and Yearly Growth
While the monthly growth rate slowed down from January’s 0.7%, the annual comparison showed a 1.7% increase, marking two consecutive months of growth after seven months of decline, as per Inegi’s Monthly Survey of Retail Businesses.
First Quarter Performance
The first two months of 2025 indicate a halt in the deterioration trend observed in the second half of 2024. Now, there’s a slight improvement, although February’s monthly advance was lower than January’s 0.7% increase.
Mixed Signals in Consumer Spending
The retail sales data reveals mixed signals regarding the consumption of essential and non-essential goods.
Top Five Sectors with Growth
- Stationery, books, magazines, and newspapers (+5.2%)
- Interior decoration items (4%)
- Fuels, oils, and lubricants (+3.6%)
- Computing equipment, telephones, and other communication devices (+1.3%)
Top Five Sectors with Declines
- Clothing, jewelry, and wearable accessories (-9.3%)
- Department stores (-6.8%)
- Textile products, excluding clothing (-6.4%)
- Perfumery and jewelry (-3.3%)
- Pets, gifts, religious items, disposables, and other personal-use items (-2.5%)
Expert Opinions on Retail Sales
Despite positive results in the first two months of 2025, economists Janneth Quiroz and Rosa Rubio from Grupo Financiero Monex noted mixed signals for short-term consumption. This is due to the current uncertain and cautious economic environment, as well as external factors.
Annual Performance Comparison
In 2024, retail sales contracted by 0.6%, marking the first annual decline since 2020 amid consumer caution due to presidential transitions in Mexico and the United States.
First Quarter 2025 vs. 2024
During the first two months of 2025, retail sales have seen an increase of 0.8%, just below the 0.9% growth recorded in the same period of 2024.
Key Questions and Answers
- Q: What was the monthly growth rate of retail sales in February 2025 compared to January? A: The growth rate was 0.2%.
- Q: How did retail sales perform annually in February 2025 compared to the same month in 2024? A: Sales increased by 1.7% annually.
- Q: What are the mixed signals in consumer spending according to retail sales data? A: There are positive signs in essential goods but negative trends in non-essential items.
- Q: Which retail sectors showed growth in the first two months of 2025? A: Stationery, books, fuels, oils, computing equipment, and telephones showed growth.
- Q: Which retail sectors experienced declines in the first two months of 2025? A: Clothing, department stores, textiles (excluding clothing), perfumery and jewelry, and miscellaneous personal-use items declined.
- Q: What are the economists’ opinions on the current retail sales trends? A: Economists from Grupo Financiero Monex noted mixed signals for short-term consumption due to an uncertain economic environment and external factors.
- Q: How did retail sales perform annually in 2024 compared to the first two months of 2025? A: Retail sales contracted by 0.6% in 2024, while the first two months of 2025 saw a 0.8% increase.
