In a surprising turn of events, retail sales in Mexico experienced a sharp decline in March 2024, falling to -1.7%. This follows a more modest growth of 3.0% in February, data updated on May 20, 2024, reveals.
The year-over-year comparison underscores the stark contrast between the two months: February 2024 witnessed a 3.0% increase in retail sales compared to February 2023, whereas March 2024 saw a -1.7% decline from the same month the previous year. This significant drop raises concerns about consumer spending and the broader economic outlook in Mexico.
Economic analysts are closely scrutinizing these figures to evaluate the underlying causes and potential impacts on the Mexican economy. The sudden downturn in retail activity may indicate deeper issues, such as weakened consumer confidence or external economic pressures. The upcoming months will be critical in determining whether this decline is an anomaly or the beginning of a troubling trend.