Published on Tuesday, January 10, 2023

Colombia | BBVA Big Data Consumption Tracker. January 2023.

In December, consumption growth reached a real annual variation of 3.8%, higher than the 2.3% reported in November, with an acceleration in both goods and services. Goods contracted by 4.2% and services grew by 7.7%. Spending performance trending upward during the month.

Key points

  • Key points:
  • Most spending categories accelerated during the month, with the exception of transportation. This behavior manifested itself gradually during the month, with particular momentum in the second part of December.
  • After the promotions at the end of November, debit card spending moderated, while credit card spending remained at high levels. However, debit card spending recovered throughout the month, especially in the second half.
  • At the city level, most cities showed a rebound in spending, with the exception of Bogota and Medellin. In particular, Cartagena showed a strong rebound, after a weak level of spending materialized in November.
  • At the level of some of the main types of spending by city, there was a significant rebound in spending on apparel and restaurants. In apparel, the greatest acceleration was shown by Bogota and Cartagena and, in the case of restaurants, by Cali and Cartagena. Spending in gasoline was stable, with decelerations in Bogota and Medellin.
  • At the Bogota and Medellin level, real annual growth in spending remained low, but relatively stable compared to October and November.

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