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Consumer ProfileWith a GDP per capita of USD 5.805 in 2016, Colombian consumers tend to have middle-class consumption habits and household debt remains quite high. The growth of private consumption remained satisfactory (+1.5% in 2017) while the country went through an economic slowdown. Since 2012, Colombia has experienced a steady growth of the middle class. Even if this dynamic has slowed down recently, the Colombian middle class continues to expand considerably. At the national level, 28% of the Colombian population lives under the poverty line and almost 30% of the population is considered as being part of the middle class. The profile of Colombian consumers is not homogeneous and there exists a substantial gap between urban and rural areas: the middle class represents more than half of the population in the city of Bogota and around 10% in rural areas.
Colombian household consumption mainly concerns primary needs and education, but a change in consumer habits can be observed and Colombian consumers are increasingly willing to buy non-vital products. Colombian consumers are strongly influenced by fashion trends, brands and promotions, but there is also a strong influence of traditions on consumption habits. Colombians are currently experiencing increasing brand loyalty levels. Healthy and ethnic food categories are especially fast-growing, and organic food products are a new trend, as Colombian consumers are more concerned about ecological issues.
Explanation:
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