Consumer confidence in Colombia stopped negative streak and improved in December

After three consecutive months of declines, Colombian consumer confidence rebounded in December, according to a recent Fedesarrollo survey.

According to the think tank, although the consumer confidence index in December remained in negative territory, it improved compared to previous months. Thus, in the last month of 2022 consumer confidence was -22.3%, an improvement of 2.5 points compared to November (-24.8%).

The recovery of consumer confidence in December was explained by the fact that at the end of the year, Colombians were a little more optimistic about how they were doing in economic terms and how they would do in the coming months.

In line with the above, Fedesarrollo commented that “this result was mainly due to an increase of 3.3 pps in the Consumer Expectations Index and 1.2 pps in the Economic Conditions Index.”

However, another piece of data from the Fedesarrollo survey is that consumer confidence increased at high and low income levels, while it fell at medium income levels.

“By socioeconomic level, and compared to the previous month, the consumer confidence index grew 27.1 pps in the high stratum and 2.4 pps in the low stratum. For its part, in the middle stratum it presented a decrease of 0.4 pps”, highlighted the think tank.

Likewise, it said that with respect to the five cities analyzed, trust increased in all of them, except in Bogotá.

On the other hand, it commented that “the willingness to buy a home decreased compared to the month of November, while the willingness to buy furniture and household appliances increased.”

With information from Bloomberg