Colombia | Colombia and its Consumption Patterns: Recent Changes and Future Challenges

Summary

This week, BBVA Research published an analysis of private consumption in Colombia, covering topics from the impact of the pandemic to demographic trends shaping household spending. The report confirms that private consumption remains a fundamental pillar of the Colombian economy, with one of the highest GDP shares globally.

Key points

• Key points:
• Looking ahead, BBVA Research highlights four key factors that will drive consumption in the coming years: improved financial conditions, employment recovery, increased remittances, and economic growth.
• These four elements, along with trends toward smaller households and greater female participation in the labor market, among others, will redefine consumption priorities in the country.

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