Colombia | BBVA Big Data Consumption Tracker. July 2022.

In June, consumption moderated despite a VAT-free day with a significant positive impact. Spending on services slowed the most. Still, consumption growth remains at high rates.

Key points

• Key points:
• In June, consumption growth moderated, although still at high rates. The moderation came especially from spending on services, while consumption of goods remained relatively stable, largely due to the effects of the VAT-free day, which favored the latter.
• By category, there was a rebound in spending in department stores and tourism and a moderation in spending on entertainment, restaurants and gas stations. Spending on apparel was strong during the VAT-free day but moderated sharply on the days following it.
• Spending showed a generalized moderation in all cities, but still at high rates. In particular, Bogotá and Medellín showed moderation in June, but at rates close to 30% monthly real growth.
• In June, there was a reduction in cash usage, possibly associated with the VAT-free day boost on online spending.
• June 17 marked the second VAT-free day of 2022. Purchases accounted for 4.2 times the amount spent on a normal day. Online sales accounted for a quarter of the transactions on June 17. By product type, home appliances had the biggest boost.

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