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Remittances have become an important economic medium in Mexico.
Mother’s Day and other seasonalities such as national holidays or Christmas are indicators of what is worth it in the market.
With Mother’s Day at the door, important consumer challenges are established today.
Mother’s Day is one of the many dates that serve to understand the consumption motivated by seasonality and the sending of remittances, too.
“Americans planned to spend a total of about US$36 billion on Mother’s Day in 2023. This number increased significantly over the survey period, with consumers spending an additional US$15 billion on their loved ones in compared to 2013, when spending had reached around 20 billion dollars”, explains D.Tigheanalyst of Statista when talking about the importance of these dates not only in Mexico, but also in markets like the United States.
remittances to celebrate
Sending remittances to Mexico has become a key economic activity for the capitalization of its consumers and within the framework of the celebration of Mother’s Day, this activity is intensified.
Market2.0 witnessed how on the occasion of Mother’s Day, a Mexican migrant sent his 89-year-old mother more than 1,700 pesos through Soriana, which has become an important remittance center within Mexico, in addition to accepting wire transfers from MoneGram and Western Union.
“I sent money to the boss and I want to ask you to pick it up,” was the migrant’s indication to a family member, to take charge of the collection, to give his monetary gift to his mother. The past years had been flower delivery, which he had operated from an application in the United States.
As in this case, a significant number of migrants increase their remittance shipments in the run-up to the celebration of Mother’s Day.
“Mother’s Day is a key moment, since we, year after year, observe a growth in remittances through digital operations; This is the result of the money that is sent as a gift to the mothers, or to cover the expenses for the celebration of this day,” he explains. Roxana PatinoExecutive Director of Administration and Finance of the Transfer and Payment System (STP).
According to this firm, during May 2022 the income from remittances accumulated five thousand 171 million dollars, this amount being a record in transaction compared to other months.
“Digital services are more accessible for all those who send money from abroad and for those who receive it, this also represents greater financial inclusion. Currently, there are digital options for sending remittances such as virtual wallets, also known as electronic wallets”, added Patiño.
It is important to see that seasonality, such as the celebration of Mother’s Day, not only triggers the sending of remittances, but also consumption, as a People Media projection warns, where it is recognized that the main consumption trends in Latin America for This date increases online sales within Colombia by 25 percent, while in Mexico the increase in sales through digital stores is sixty percent.
“Regarding the most popular gifts for the date, Colombians prefer to invest in
food and drinks (60 percent), and fashion and beauty (18 percent), while Mexicans opt for food (51 percent), flowers (46 percent), and festivals (42 percent),” the study states. .
Seasonality is an important economic detonator that motivates the flow of capital for consumption.
The sending of remittances on the occasion of Mother’s Day sets a pattern of how seasonality triggers economic activity.