Even though that him household spending is recovering, but at a much slower pace than expected due to inflation, which, although falling, is still considered very high.
In May 2024, Real household spending in the country fell 0.02% compared to May 2023reaching two consecutive months of adjustment, although in current terms it grew by 7.14% compared to May 2023, reaching 86.5 billion pesos, according to a recent analysis by Raddar.
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According to the firm, Credit placement registered an annual growth of 16.3%, driven mainly by a 77.1% increase in mortgage loans. Likewise, the real minimum wage increased by 4.58% in purchasing power, despite the fact that the salary per employed person fell by 1.2%.
Household spending
Jaiver Nieto Alvarez / Portfolio
Raddar explains that the behavior of prices, influenced by durable goods and various services, continues to put pressure on the pockets of households, which can perceive a first semester “tight“and with it, a lower willingness to buy.
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According to the firm’s calculations, The variation corresponds to the prices that were located at 9.29% in May 2022, reaching almost 10% in July of the same year to reach the figure of 7.14%. to cut of May 2024.
Speaking of inflation, it closed May at 7.16% with a downward trend, worse and increasingly decelerating. According to Raddar, This was in response to the upward trend in prices of some perishable foods, such as potatoes, bananas, some vegetables, and processed foods..
Bills
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The same way, Services have contributed to the growth of real spending this year, more than in other years. This includes essential services such as rent and utilities, as well as expenses on food away from home and entertainment, which continue to be priorities for Colombian families.
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Another factor that was taken into account is the perception of security in cities.. And there is concern about security and violence in cities due to an increase in extortion. They explain that this is creating an environment of distrust, causing people to go out less, and, therefore, buy less.
Only the city of Bogotá registered an upward score of 164.7 points on the security concern index in May 2020.
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