During March 2023, the Colombian households reduced spending on all goods and services, as reported Radar. The contraction was -3% and with it five months of fall were completed.
And the decrease in spending compared to February, in real terms, was -5.62%.
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Camilo Herrera Mora, researcher and founder of Raddar, clarified that the adjustment in household spending in March 2023 compared to March 2022 “shouldn’t be extraordinary“.
However, he explained that something happened that had not happened since 2016: that household spending fell in all sectors measured by the company.
The data shared by Raddar shows that the sectors in which spending decreased the most during the third month of 2023 were: food (-5.34%), education (-4.77%), entertainment (-4.45%), health (-4.12%), fashion (-3.79%) and transport (-1.83%).
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Regarding the sources of the expenses, 73.4% corresponded to salaries and rents; 21.5%, to credits; and 5.1%, to remittances.
Wages.
Regarding money spent, the figure in March was 78.5 trillion pesos and in the last 12 months, 964.4 trillion pesos.
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“This expense presented an annual current growth of 9.90%, however, a rather marked deceleration is observed in the dynamics of spending“, reiterated Raddar, who recalled that inflation in March was 13.34%.
“Something that could be evidenced is that the drop in spending compared to the month of February was quite marked, which may reflect the end of the school season and possible savings by households for Easter“, assured the firm.
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