Recent data from Fedesarrollo’s Consumer Opinion Survey reveals a notable upturn in consumer confidence. The Consumer Confidence Index (CCI) reached -3.7% in October 2024, marking a 12.3 percentage point increase from September.
This change stems from growth in both economic conditions and consumer expectations. The Economic Conditions Index saw a substantial rise of 17.4 percentage points.
Meanwhile, the Consumer Expectations Index increased by 9 percentage points. These figures indicate a growing optimism among consumers about their financial prospects.
Compared to October 2023, when the CCI stood at -14%, there’s a 10.3 percentage point improvement. This year-over-year growth suggests a steady recovery in consumer sentiment.
The trend extends across various aspects of economic perception. Consumers reported more positive views on both the country’s situation and their household conditions.
The willingness to purchase durable goods also increased compared to the previous quarter. These factors contribute to the overall boost in consumer confidence.
Consumer Confidence and Economic Growth
The survey covered five major cities: Bogotá, Medellín, Cali, Barranquilla, and Bucaramanga. Cali and Barranquilla stood out with positive confidence levels at 15.2% and 2.2%, respectively.
Bogotá followed closely at -4.2%, while Medellín and Bucaramanga lagged behind. All socioeconomic levels experienced increased consumer confidence in October 2024.
The highest strata saw an 11.9 percentage point rise. The middle strata increased by 10.4 percentage points. The lower strata showed the most significant growth at 14.4 percentage points.
The housing market also benefited from this upward trend. The willingness to buy homes rose by 34.8 percentage points compared to October 2023. This increase was evident across all surveyed cities, with Medellín leading the charge.
Durable goods consumption saw a positive shift as well. The willingness to purchase items like furniture and appliances increased by 25.5 percentage points from September 2024.
Only Bucaramanga reported a slight decline in this category. The automotive sector also experienced growth. The willingness to buy vehicles rose by 8.9 percentage points from September to October 2024.
This represents a 17.1 percentage point increase compared to October 2023. These figures paint a picture of growing economic confidence across Colombia.
Consumers appear more willing to make significant purchases and invest in their futures. This trend could signal a broader economic recovery if sustained over time.
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