Background on Lorena Muñoz Altamira and Her Relevance
Lorena Muñoz Altamira, the president of the Cámara de Comercio de Querétaro (Querétaro Chamber of Commerce), has emerged as a key figure in addressing the economic challenges facing her state. With Querétaro experiencing a 15.7% annual decline in revenue from temporary lodging and food/beverage preparation services in February, Muñoz Altamira’s leadership becomes increasingly important.
As an accomplished entrepreneur and leader, Muñoz Altamira’s insights are crucial for understanding how Querétaro’s commerce sector can navigate the current economic climate. Her experience and connections within the business community make her an influential voice in shaping strategies to overcome these difficulties.
Strategies to Incentivize Consumption and Support Tourism
In response to the risk of a national recession, Muñoz Altamira emphasized that the Querétaro commerce sector will focus on encouraging consumer spending and fostering growth in tertiary activities. She highlighted the importance of creating strategies to stimulate internal economic activity and promote tourism, as it impacts various industries.
One notable initiative is “La Gran Escapada” (The Great Escape), a campaign led by the Secretaría de Turismo (SECTUR), the Secretaría de Economía (SE), and the Confederación de Cámaras Nacionales de Comercio, Servicios y Turismo (CONCANACO SERVYTUR) to boost domestic tourism.
“I believe that continuing to activate the economy through such projects as the one led by the Confederation (CONCANACO) will be beneficial for promoting tourism services, which in turn can help keep other sectors moving,” Muñoz Altamira explained.
She advised businesses to adopt strategic planning in the face of uncertainties and review their contracts. “I think these are moments to be very strategic in terms of business; review the agreements and commercial contracts we have until 2025. Seeking advice from chambers is crucial, and planning short-term decisions is essential,” she said.
Regarding analysts’ predictions from Citi México foreseeing a technical recession in the country, Muñoz Altamira stressed the importance of maintaining consumer spending to keep the economy moving and minimize recessionary periods.
Economic Impact of Inflation and Trade Policies
In the first quarter of the year, Querétaro’s commerce sector was affected by rising inflation rates and the consequences of the United States’ tariff policies. Moreover, there was anticipation of an economic impact starting in 2025 due to uncertainty surrounding the neighboring country’s government change and Donald Trump’s rhetoric.
“It’s no surprise that technical recession is now being declared, as we were aware of this possibility since the beginning of the year,” Muñoz Altamira explained. “Throughout the chamber, we’ve had open discussions with our affiliated members to help them navigate two main issues: the constant barrage of declarations from the U.S. president regarding tariffs and their potential consequences.”
These factors led to a slowdown in private sector decision-making, with contract negotiations, purchases, and investments being postponed due to high inflation rates.
Divergent Trends in Querétaro’s Service Sector
Decline in Hospitality Services
According to the Encuesta Mensual de Servicios (EMS) by the Instituto Nacional de Estadística y Geografía (INEGI), Querétaro’s total revenue from temporary lodging and food/beverage preparation services dropped by 15.7% in February compared to the previous year.
Muñoz Altamira acknowledged that this decline was expected, as it is not a peak season for the tourism industry in Querétaro.
Growth in Mass Media Sector
Despite the decline in hospitality services, the EMS reported a 31.2% increase in revenue for the information sector in mass media and a 21.7% rise in employment within that niche during the same month.
Key Questions and Answers
- What is the main strategy Querétaro’s commerce sector is focusing on? The primary focus is incentivizing consumer spending and fostering growth in tertiary activities.
- Who is Lorena Muñoz Altamira and why is she relevant? Lorena Muñoz Altamira is the president of the Cámara de Comercio de Querétaro. Her leadership and insights are crucial in navigating the current economic challenges facing Querétaro.
- What factors are affecting Querétaro’s commerce sector? Inflation, tariff policies from the United States, and uncertainty surrounding neighboring country’s government changes are impacting Querétaro’s commerce sector.
- What are the divergent trends in Querétaro’s service sector? While hospitality services have seen a decline, the mass media sector has experienced growth in revenue and employment.
