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Valentine’s Day will leave an important economic benefit for CDMX businesses.
SEDECO projects 1,800 million pesos, but CONCANACO projects close to 4,254 million pesos.
The biggest challenge for retailers will be to combat rising consumer prices.
Valentine’s Day is one of the most important in terms of economic benefits; for Mexico City (CDMX), in particular, there will be an important compensation, greater than 1.8 billion dollars.
Valentine’s Day will spill over 1,800 million pesos in CDMX, but…
Being one of the most important days of the year and of the economic recovery at the end of 2022, the Day of Love and Friendship will represent, according to the Secretariat of Economic Development (SEDECO), an economic benefit of 1,867 million pesos for the City of Mexico.
The sectors that will mainly benefit from this are restaurants, hotels, discos, bars, nightclubs, flower shops, jewelry stores, department stores, cinemas, theaters, candy stores, raw materials and stationery stores.
In the same way, it was announced that those that present a particularly important demand are those referring to the temporary accommodation sector through rental portals, as well as spaces associated with gastronomy, entertainment and recreational spaces.
The head of Sedeco, Fadlala Akabani Hneide, was clear in recognizing that this would possibly be a much more significant spill than in past years, mostly hit by the pandemic and, recently, by inflation. Thus, the profit that is expected in 2023 will be 103 million pesos higher than what was registered in 2022, which was 1,764 million pesos. This is what the official said:
“It is important to mention that, on this upcoming Valentine’s Day, 89,322 economic units of all sizes will benefit, which represents 13,364 more than those reported in 2022, and will be stratified as follows: 84,000 284 of micro size, 4 thousand 13 small, 673 medium and 352 large companies”.
In the same way, Akabani commented that 90 percent of the establishments would project a profit, highlighting those of a small scale and, mainly, those located in the interior of the colonies, favoring to a great extent the impulse to local consumption.
On the other hand, the Confederation of National Chambers of Commerce, Services and Tourism of the United Mexican States (CONCANACO), has indicated that an equivalent spill of 25 billion pesos is expected for that day.
According to what was reported by the institution, through an investigation within the 257 National Chambers, the main spaces that will be able to receive a significant profit within the festivity will be the lodging, food and beverage industries (restaurants, cafeterias, beverage sales and spirits), and entertainment, such as cinemas, theaters and entertainment centers. In addition to this, the retail sale of flowers, sweets and chocolates, perfumery, clothing and footwear, and jewelry will also grow significantly during those hours.
The president of the Confederation, Héctor Tejada Shaar, said that the businesses that will experience the greatest boost will be lodging, food and beverages, as well as cinemas and theaters. In addition to this, he confirmed that, without significant restrictions due to the Covid-19 pandemic, the Commerce, Services and Tourism sector, which is made up of more than 4.5 million companies in Mexico, would receive an estimated economic benefit of 25 thousand millions of pesos. This, of course, is 13 percent more than the previous year.
However, the challenge for businesses will be to deal with price increases and inflation risks. Thus, unlike the first institution, a decrease of 14.7 percent is expected compared to what was registered in February 2020. With this, CONCANACO is much more optimistic, and foresees a spill of up to 4 thousand 254 million pesos, although the most certain thing is that, due to inflation, it is really impossible to reach those numbers, the same thing that the private sector has pointed out.
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