Colombia | BBVA Big Data Consumption Tracker. October 2022.

Summary

Our Big Data high frequency indicator to measure household consumption in Colombia shows a decelerating trend, which has become steeper in the second half of the year. Household expenditure moderation has been driven mainly by goods (in contractive territory) but also by services, as expected.

Key points

• Key points:
• In September, consumption growth returned to the moderation path, reaching an annual real growth rate of 7%, the lowest in the current year. The deceleration was stronger in services than goods for the month.
• Expenditure in department stores, transport and entertainment showed improvements, while the expenditure in drugstores moderated.
• Expenditure with credit card increased this month, in hand with an improvement in on-line expenditure. On the contrary, credit card expenditure remained stable and in-store sales reduced marginally.
• At the city level we observed a moderation in expenditure in Bogota, Cartagena and Pereira. The rest of main cities showed an improvement in expenditure.
• Annual growth of gas expenditure moderated in all cities against August, while the scenario was mixed for clothing and restaurants.

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