Colombia | Weekly update BBVA Tracker: Consumption. 5 August, 2020.

Summary

Consumption falls 9.4% y/y in July and continues to recover but with moderation due to recent mobility restrictions adopted in some cities. With the relaxation of these restrictions, a partial recovery in consumption is evident in Bogotá and Medellín.

Key points

• Key points:
• In July, consumption dropped 9.4% y/y. Goods grew 9.4% y/y but services fell 35% y/y.
• During the previous month, spending on clothing increased 3pp its share of total household spending that was lost to department store consumption.
• In Bogotá, the greatest impact of quarantines on consumption was seen during the time that stage 1 and 2 were carried out together.
• The reopening of downtown Medellín generated a momentum in the recovery of consumption in this city. Although sectors such as restaurants are still not recovering the levels they brought before the most recent closings.
• The recovery of the restaurant sector has been greater in Pereira, where the pilots started much earlier than in other cities. In Cali, this sector is also performing well.

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