The Colombian retail sector saw a significant slowdown in growth during September 2024, with the latest figures showing a decline to 1.5% year-over-year, down from August's 5.2%. This update was released on November 14, 2024, marking a noteworthy shift in the country's retail momentum.
This report compares the September 2024 data to the same period in 2023, offering a clear picture of the changing dynamics within Colombia's retail industry. In August, the sector had been relatively thriving with a robust 5.2% expansion over the previous year, indicative of steady consumer spending and economic activity.
The drastic deceleration to 1.5% growth indicates heightened challenges within the market, potentially driven by changes in consumers’ purchasing power, inflationary pressures, or broader economic conditions affecting spending behavior. As retailers and economic stakeholders analyze this shift, strategies may need to be adjusted to address the new landscape and align with emerging consumer trends.
