Colombia | BBVA Big Data Consumption Tracker. February 2023.

Summary

According to the BBVA Big Data Consumption Tracker, household spending grew 4.9% in real annual terms in January. Spending on services, led the performance with a 12.1% real annual increase. On the other hand, spending on goods slowed down further and fell 7.0% year-on-year in real terms in the month.

Key points

• Key points:
• In January, the growth of total consumer spending showed a marginal rebound, reaching a real annual variation of 4.9%, higher than the 3.8% reported in December. Spending on services explained this rebound, reaching a real annual variation of 12.1%. On the contrary, spending on goods continued to show a weak performance and posted a real annual drop of 7.0%.
• The performance of spending was increasing in the first part of the month for services, and in the second part of the month, a moderation materialized. In the case of goods, the entire month presented a downward trend after the rebound observed in December.
• Spending in department stores, drugstores and airlines moderated significantly. In contrast, spending on entertainment, restaurants, gas stations and apparel accelerated.
• Online spending, after a strong acceleration in December, showed a significant moderation throughout January. This behavior was also observed in on-site purchases, but especially towards the end of the month. ATM withdrawals declined significantly throughout January.
• Among the main cities, there was a generalized moderation in spending growth, except for Bogota, which showed a rebound in activity. Among the worst performing cities were Cartagena and Pereira, with an annual contraction for consumption.

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