Colombia | Private consumption in 2020

Summary

Despite the drop in overall consumption by the pandemic in 2020, private consumption gradually recovered from its low in April, in part due to changes in consumer habits in a heterogeneous national recovery. In addition, a gradual improvement in consumption is expected by 2021.

Key points

• Key points:
• The BBVA Tracker indicator of consumption evolution shows a 6.7% drop in nominal terms in 2020.
• The economic recovery has been less accelerated in the services sector than in the goods sector.
• Changes in consumer behavior allowed online transactions to increase by 20% per year compared to pre-pandemic data.
• Large cities experienced greater declines in consumption than those with less stringent confinement and gradual opening of their activities.
• Gradual improvements in consumption of both goods and services are expected to be maintained by 2021.

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