Monthly and Yearly Performance
According to the National Institute of Statistics and Geography (Inegi), Mexico’s retail sales experienced a 1% increase in November 2025 compared to October, marking the second-best monthly performance in the last 12 months reported (with a 1.4% growth observed in May). This monthly advance translated into a notable year-over-year expansion of 4.8%, the highest since July 2023 when a 5% increase was recorded, as per the Inegi’s Monthly Survey of Commercial Enterprises.
Accumulated Dynamics
On an accumulated basis, retail sales grew by 2.2% from January to November 2025, comparing favorably with the observations during the same period in the previous year when they declined by 0.6%. This growth is remarkable considering the mixed fundamentals of consumption.
Mixed Fundamentals
While formal employment decelerated significantly in 2025, the unemployment rate remained relatively stable due to increased informal employment. Excluding formalization of jobs in transportation platforms, formal job creation fell by 74% to just over 72,000 positions.
Remittances have also decreased in dollar terms (-5.1% from January to November), and the Mexican peso’s appreciation has deepened these declines in recent months (-14.6% solely in November). However, real wages in the formal labor market have continued to rise thanks to the salary minimum recovery policy.
In 2025, government transfer coverage expanded with the introduction of new social programs such as pensions for women over 60 and universal scholarships for basic education students.
Key Questions and Answers
- What is the main topic of this article? The article discusses the 1% monthly growth in Mexico’s retail sales during November 2025, which represents the second-best monthly performance in the last 12 months.
- Who reported this data? The National Institute of Statistics and Geography (Inegi) in Mexico reported the retail sales data.
- What is the year-over-year expansion rate in November 2025? The year-over-year expansion rate for November 2025 is 4.8%.
- What are the mixed fundamentals affecting consumption? The mixed fundamentals include a significant deceleration in formal employment, stable unemployment rates due to increased informal employment, decreased remittances in dollar terms, and peso appreciation that deepened recent declines. However, real wages in the formal labor market have continued to rise.
- What new social programs were introduced in 2025? In 2025, new social programs such as pensions for women over 60 and universal scholarships for basic education students were introduced, expanding government transfer coverage.
