In the latest report as of November 2023, presented by the RADDAR portal, which studies the main consumption behaviors of Colombian households (food, housing, transportation, fashion, among others), the decrease in spending was released. of consumers compared to the same period of the previous year: for the eleventh month of 2023, there was a decrease of 1.6%. Regarding this analysis, which is overdue for a month, it was evident that last year closed with a trend towards improvement by 2024.
According to RADDAR, Colombian household spending in November 2023 reached the significant figure of 87.8 trillion pesos, adding a total of 1.01 trillion pesos in the last 12 months. These data reveal an annual increase of 9.30%, with a slight improvement in the dynamics of spending compared to previous months.
Spending experienced a change of 3.48% in current pesos compared to the previous month. However, this figure was affected by a monthly inflation of 0.47%, as well as an increase of 10.15% compared to the same month of the previous year. This scenario caused a drop of 3% in real terms compared to the previous month and a decrease of 1.58% compared to the same period of the previous year.
The dynamics observed in household spending during this month could be attributed to various factors. Among them, RADDAR highlights the expected impact of taxes on ultra-processed products, the growing perception of buying fewer products, the increase in the use of credit cards and a credit dynamic with increasingly moderate declines.
Fashion in Risaralda
Diego Gómez, general manager at Confetex de Colombia, shared that until October of last year sales remained on the sidelines, underscoring the distrust of Risralda consumers in the national economic outlook, however, he noted that: “In November, after seeing the result of the elections, people were filled with a little optimism and this greatly benefited the business, fabric orders were activated, production orders, purchase orders, the system was activated quite a bit, which was November and December “There was a better perspective.”
To end 2023, he commented that the challenge was rooted in time; In the field of production, having only 30, or at most 45 days, became a significant challenge for the manufacture of certain products.
“In general terms, we spoke with several businessmen and they said that they spent the year’s market in a draw, that they were sustained by the rebound that occurred two months ago because the economy was really a bit tight. It was a year just to turn the page, nothing more, it was not a year of great profits, nor of great investments; On the contrary, the sector was a little lower, but it is due to the market situation. Inflation affected us a lot because people either buy groceries or buy clothes,” added the manager.
Expectations
“There is a lot of expectation for 2024, that the sector will rebound and wait to see what happens with the Government, because this generates a lot of mistrust, a lot of political instability, the exchange rate, the dollar is also very fluctuating,” concluded Gómez.
There are still some increases left for the start of 2024
Today, Tuesday, January 9, the Consumer Price Index (CPI) will be revealed, evidencing the increase in various services linked to this indicator, such as rentals, basic basket and notary fees, among others. Additionally, in the city of Pereira and its metropolitan area, an adjustment is expected in public transportation rates, covering the taxi service, the Megabús and the complementary service.
Given
Compared to November 2022, fashion spending decreased by 0.07% for 2023.