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Colombia Consumer Confidence October 2023

Colombia: Consumer sentiment hits highest reading since September 2022 in October

According to a survey elaborated by Fedesarrollo, consumer sentiment came in at minus 14.0 in October, up from September’s minus 17.9. October’s result marked the best performance since September 2022. Despite the uptick, the index remained below the 0-point threshold, indicating pessimism among consumers.

Consumers became more optimistic about their financial situations a year ahead, and less pessimistic about the health of the economy a year ahead. That said, they became slightly more pessimistic about the current state of the economy and their likelihoods of buying durable goods.

The improved reading may be due to the recent decline in inflation and the prospect of the Central Bank lowering interest rates in the near future. However, private spending is likely to remain tepid ahead as consumer sentiment still remains solidly pessimistic.

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