Consumer confidence fell sharply by 6.3 percentage points (pps) in January compared to December 2022 and stood at -28.6%, the lowest balance since May 2021 amid the national strike when it fell -34.3 % was.
Fedesarrollo’s executive director, Luis Fernando Mejía, assured that “this decline was caused by a deterioration in expectations and economic conditions perceived by consumers.”
The think tank explains that consumer confidence has fallen in all socioeconomic levels and cities analyzed compared to December 2022. Similarly, the willingness to buy a house, vehicle and personal property and household appliances has decreased compared to the month of December.
The Consumer Confidence Index (ICC), which Fedesarrollo measures every month in Colombia’s five major cities, brings together five components, three of which refer to household expectations within a year, while the remaining two refer to consumers’ perceptions of the current economic situation.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
