Mexico’s Consumer Confidence Index (CCI) declined by 2.4 points year-on-year in December 2025, reaching 44.7 points, according to the latest data from the National Institute of Statistics and Geography (Inegi). The figures, drawn from the monthly National Survey on Consumer Confidence (ENCO), suggest that households remain wary about the country’s economic trajectory heading into 2026.
The annual drop was driven primarily by deteriorating perceptions of the national economy. The sharpest decline came in expectations for the national economy over the next 12 months, which fell by 6.9 points compared to December 2024. Assessments of current national conditions also weakened, down 4.3 points year-on-year. In contrast, views on household purchasing capacity remained stable, marking the only component of the index not to register a decline.
Despite this broader pessimism, the index rose slightly—by 0.6 points—between November and December 2025. This modest monthly gain may reflect seasonal optimism or short-term resilience among consumers during the holiday period. However, it was not enough to offset the broader downward trend observed over the past year.
The disconnect between short-term sentiment and long-term expectations underscores lingering uncertainty about Mexico’s economic direction.
“The disconnect between short-term sentiment and long-term expectations underscores lingering uncertainty about Mexico’s economic direction,”
said one analyst familiar with household surveys.
Complementary indicators within the ENCO survey also point to a cautious outlook. Expectations for employment over the next year dropped by 2.4 points, while personal economic outlooks declined by 2.2 points. Intentions to invest in housing—whether through purchase, construction, or renovation—over the next two years also weakened, falling by 2.1 points.
The ENCO survey has been conducted monthly since 2001 by Inegi in collaboration with Banco de México and is considered a key barometer of household sentiment regarding both personal finances and broader economic conditions.
The latest results come amid wider concerns about fiscal tightening, inflationary pressures, and investment trends as Mexico enters a new political cycle in 2026. While consumer sentiment can be influenced by external narratives or political transitions, the consistent year-on-year decline across most components suggests that households are responding to more than just short-term signals.
Whether this cautious outlook translates into reduced consumption or investment remains to be seen. For now, the data reflects a population that is hopeful in the near term but increasingly uncertain about what lies ahead.
