Colombia | BBVA Big Data Consumption Tracker. November 2022.

With data as of October, our high-frequency indicator to measure household consumption in Colombia continues to show a decelerating trend. The moderation in spending was observed in both goods and services and was deepened by the high statistical base of the October 2021 VAT-free day.

Key points

• Key points:
• In October, consumption growth moderated, reaching a real annual growth of 2.7%, the lowest recorded so far this year. This performance was due to a 5.8% annual contraction in spending on goods and a 9.0% growth in services, both of which moderated compared to the previous month.
• By category, all showed a moderation in annual growth. Among the best performers compared to October 2021 were department stores, restaurants and airlines.
• Credit card spending maintained a higher growth rate than debit card spending; however, there was a closing of the gap between the two. It should be noted that at the end of October there was a strong moderation in growth due to a base effect related to the VAT-free day in October 2021.
• A moderation in spending was observed in all cities, with Bogota, Barranquilla and Medellin showing the highest growth. On the other hand, Cartagena, Bucaramanga and Cali entered negative territory and Pereira consolidated as the city with the worst performance in annual variation.
• At the level of some of the main types of spending by city, a rebound in fuel spending was observed in Medellin and Cali, while the other cities presented decelerations in this spending. For restaurants and clothing, a moderation in growth was observed in all cities. In the case of clothing, Cali showed the worst performance, while Medellin and Barranquilla showed the best. For restaurants, the worst performance was in Cartagena, Medellin and Cali, while the best was observed in Bogota.

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