Published on Tuesday, December 6, 2022

Colombia | BBVA Big Data Consumption Tracker. December 2022.

In November, our real-time indicator for household consumption behavior fell 2.3% YoY in real terms. The slowdown is generalized by type of goods and services and by city. At the end of the month, some disccount sales boosted electronic purchases and the use of credit cards.

Key points

  • Key points:
  • In November, consumption growth continued its deceleration process, with a real YoY variation of 2.3%, the lowest figure recorded so far this year. This performance was due to a 4.9% YoY contraction in spending on goods and a 7.1% growth in services. There was a significant rebound in spending on goods at the end of November.
  • Compared to October, most of the different spending categories showed a slight moderation in real annual variation, with the exception of clothing and fuels, although the latter were in negative territory.
  • Spending with debit and credit cards, especially credit cards, showed a significant increase towards the end of the month, possibly associated with some disccount sales such as Black Friday or Cyber Monday, among others.
  • At the city level, there was a rebound in spending in Barranquilla, Bucaramanga, Cali and Pereira, and some stability in growth in Bogota and Medellin. In contrast, there was a significant slowdown in spending in Cartagena.
  • At the level of some of the main types of spending by city, a relative stability was observed between November and October. In addition, there was a sharp decline in spending in Cartagena compared to the previous year. The results for restaurants and clothing in Cartagena stood out negatively.

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