2024-10-01 01:37:22
Amid an economic outlook marked by high inflation, rising interest rates and weakened consumption, Colombian households have adapted their purchasing habits to face financial challenges. A recent report from Kantar, Worldpanel division, reveals how families in Colombia prioritize essential products to better manage their economy. This adjustment occurs in a context where the country’s Gross Domestic Product (GDP) grew by just 0.7% in the first quarter of 2024, with an expectation of growth of 1% for the year.
Despite the difficulties, the report indicates that since April 2023, Colombian households have begun to regain confidence in their financial situation, thanks to a moderate decrease in inflation, which has allowed greater economic stability in households.
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The study details that both modern and traditional sales channels have seen an increase in spending in key categories. In modern channels, products such as dairy, fresh products, beverages and personal care have been the most in demand. Kumis consumption, for example, increased by 31%, while liquid milk and its modifiers saw increases of 21% and 18%, respectively. In the fresh category, artisanal bread, beef and pork, and eggs also recorded significant growth in spending.
In the beverage area, bottled juices (+27%) and instant coffee (+26%) continue to be essential products for consumers. On the other hand, in the personal care category, fragrances (+29%) and makeup (+24%) lead the preferences of Colombians.
Traditional channels also maintain their relevance for the country’s households, especially in household cleaning products, personal hygiene, dairy products and food. Liquid detergent stands out with an increase of 37%, followed by insecticides (+17%) and stain removers (+12%). In addition, personal hygiene has shown an increase in the purchase of wet towels (+25%) and liquid soap (+21%).
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The Kantar report also analyzes the behavior of households according to their socioeconomic level. High and medium-income households, although only 33% of them feel comfortable with their financial situation, have increased their spending by 20%, mainly on basic basket products. This behavior has been favored by the reduction in the cost of credit, which has generated a feeling of financial relief.