Monday, May 20, 2024

Mother’s Day expected to generate 13% more revenue this year

Consumers in Mexico City will spend some $2 billion pesos (US $112 million) in celebration of Mother’s Day this year, according to the Economic Development Ministry (Sedeco). 

Fadlala Akabani Hneide, head of Sedeco, said that the expected amount is 14.2% higher than that registered in 2022, “a good indicator of the internal economy,” he added. 

Roses are the flower of choice for Mother’s Day in Mexico, which is celebrated annually on May 10. (Mario Jasso/Cuartoscuro)

The revenue will benefit more than 80,000 businesses, of which 76,321 are micro-sized, meaning they employ fewer than 10 people. These businesses employ over half a million capitalinos, or residents of Mexico City, Akabani said in a statement. 

The vendors that will experience the greatest demand will be restaurants, flower shops, jewelry stores, perfume shops, watch stores and electronics sellers. 

Particularly sought-after on May 10 are roses for mom and grandma. According to Akabani, the production of roses reached a volume of 2,560 gross this year (each gross is equivalent to 12 dozen).

Mexico City ranks ninth in the national production of roses, where flower-growing boroughs Xochimilco, Tláhuac, Tlalpan and Milpa Alta provide most of the bouquets sold in the capital. 

A rainbow of roses and petals to choose from.
A rainbow of roses and petals to choose from. (Archive)

To boost the local economy, the Sedeco encouraged people to purchase their gifts at public markets, street markets, ambulatory vendors and from businesses within their neighborhood.

Nationwide, consumers are projected to spend a total of 70.3 billion pesos (US $3.9 billion), 13% more than last year’s spending of 62.4 billion pesos (US $3.5 billion), president of the Confederation of National Chambers of Commerce (Concanaco Servytur) Héctor Tejada reported. 

This figure would exceed pre-pandemic sales for the second year in a row, Tejada said. 

According to Concanaco, May 10 is an unequivocal sign of economic reactivation and forms the foundation for growth in the tertiary sector. The celebration, Tejada added, represents the second-highest commercial expense for Mexicans, only behind the Christmas season. 

With reports from Milenio and El Economista

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