The labour costs in food and beverage service activities in Mexico have shown a steady upward trend from 2013 to 2023. In 2023, the labour costs stood at 110.45 billion Mexican pesos. The historical data highlights significant year-on-year fluctuations, peaking in growth rates around 2016 and 2017 with 7.92% and 7.2%, respectively. However, the growth rate has been decelerating over the past few years, with a 2.69% year-on-year increase in 2023. The 5-year CAGR from 2018 to 2023 was recorded at 2.89%, reflecting a moderate growth trajectory.
Looking ahead to the forecasted data from 2024 to 2028, labour costs are expected to continue rising, albeit at a slower rate. The forecasted 5-year CAGR is projected to be 1.83%, with an overall growth of 9.51% over the period. This indicates a more subdued increase in costs compared to the previous decade's averages.
Future trends to watch for:
- Potential impacts of inflation and economic policies on labour cost increments.
- The influence of technological advancements and automation on labour dynamics in the food and beverage sector.
- Shifts in consumer behavior and demand affecting the scale of service activities.
- Global economic trends and their spillover effects on the Mexican economy.
