Published on Thursday, January 25, 2024

Colombia | BBVA Big Data Consumption Tracker. January 2024.

According to the BBVA Big Data Consumption Tracker, in December, the real annual variation in consumption was 5.1%, moderating compared to November. At the seasonally adjusted level, there was a monthly contraction of 0.6%.

Key points

  • Key points:
  • Real consumption grew 5.1% annually, but fell 0.6% monthly vs. November (seasonally adjusted). Monthly behavior has been similar since August, with little growth and some months in negative territory.
  • Total spending and spending on goods and services had similar year-on-year dynamics. However, services showed a moderation throughout the year, while goods improved marginally from low growth in the first half. By specific expenditure groups, only food, health and education improved in December.
  • The share of spending in the 2023 total, relative to 2022, increased in leisure and alcoholic beverages, while the information and communications and furniture groups showed sharp declines. In addition, during the year the use of bank cards (vs. cash) to make purchases deepened and the share of online spending in total spending declined.
  • December 2023 accounted for 12.8% of total spending last year (14.1% of purchases of goods and 11.0% of purchases of services). However, this December saw a slightly lower concentration of annual spending than is usually the case (showing more signs of anticipated spending last year). The items with greater concentration in December were: clothing (24% of the year's total) and alcoholic beverages (21%). On the contrary, spending on information and communications is the least concentrated.

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