Consumer confidence fell slightly in February 2023

Fedesarrollo reported that his Consumer Confidence Index (ICC) eased slightly in February 2023, registering a balance of –27.8%. This means an increase of 0.8 percentage points (pps) compared to the previous month.

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In particular, the higher consumer confidence compared to last month was due to an increase in 3.7 pps in the Economic Conditions Index.

However, there was a decrease of 1.2 pps in the Consumer Expectations Index, notes the report.

By cities, consumer confidence increased in the cities of BOgotá and Barranquilla, while it decreased in Medellin, Cali and Bucaramanga.

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Regarding the strata, the report shows an increase in confidence in the middle socioeconomic level for February, while it decreased in the low and high.

“When comparing the results of the first quarter of 2023 with those of the fourth quarter of 2022, a decrease in the assessment of consumers regarding the situation in the country is observedsays Fedesarrollo.

Likewise, he indicates, there is a decrease in the assessment of the situation of their homes and in the willingness to buy durable goods.

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Relative to January 2023, the Willingness to buy a home, vehicle and durable goods increased.

In the first variable, the increase was 2.7 pps compared to last month. By cities, this indicator decreased in four of the five cities analyzed relative to January 2023.

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In February, specifically, the Index of willingness to buy a home increased by 2.7 pps compared to the previous month, standing at -48.3%. And it decreased in Medellín (-1.0 pps), Cali (-2.4 pps), Barranquilla (-8.0 pps) and Bucaramanga (-47.4 pps). In Bogota it experienced an increase of 9.5 pps in relation to January.

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