Mexican consumers defy Trump with spending jump, retailers say

5/10/2017 Reuters

woman shopping for water in big box storeMexican retail sales grew in April at the fastest clip since Donald Trump’s election as U.S. president, industry data showed on Wednesday, as consumer demand rose despite high inflation, rising interest rates and economic headwinds.

Mexican retailers’ association ANTAD said sales at stores open at least a year rose 6.0 percent from April last year, the biggest jump since October 2016.

Trump’s surprise election in November raised the specter of recession in Mexico after his threats on the campaign trail to shred the North American Free Trade Agreement (NAFTA), a lynchpin of Latin America’s second-largest economy.

ANTAD members include Wal-Mart de Mexico WALMEXV.MX, or Walmex, and Soriana (SORIANAB.MX). Total sales, which include stores opened during the last 12 months, grew 9.1 percent from April 2016, the group said.

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