Population growth in 2023 is set to reverse between 2024 and 2040 due to negative net migration. Generation Z, who represents the largest generation cohort, continues to seek digital first solutions. Colombians are embracing innovation and valuing online interactions. Urbanisation continues to rise, creating challenges for infrastructure upgrades, while the property market is facing a slowdown due to economic factors and soaring inflation that is affecting living cost.
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Overview:
Consumer Profiles reports provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.
The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.
The Consumer Profiles in Colombia report includes:
A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies
The Consumer Profiles in Colombia report answers:
- How consumers in Colombia are changing?
- What are key changes in Colombia population, society and generational structure and how it is affecting businesses?
- What is the household structure in Colombia and how it is changing consumer landscape?
- What are key income groups in Colombia? What is the outlook for the future?
- Where consumers are spending the money in Colombia?
- How is the consumer mindset in Colombia changing?
- In Colombia, what are consumer attitudes towards “green” and sustainable products?
- Where and how do consumers shop in Colombia?
Scope
Key findings
Key drivers affecting consumers in Colombia in 2023
How developments today shape consumer of tomorrow
Today 2023: Colombia’s young median age makes Gen Z the most influential cohort
Today: Population has grown, due to migration and positive natural change
Today: Female obesity is common, presenting opportunities for health and wellness products
Tomorrow 2040: Gen Z to take centre stage
Tomorrow: Gen Alpha’s importance set to increase
Tomorrow: Megacity Bogota will grow as more Colombians look for opportunities
Opportunities for growth
Case study: AAVance launches a debit card targeted at migrant women
Today 2023: Extended family households remain the biggest spenders in Colombia
Today: Average household size shrinking as single households grow at fast pace
Today: Safe location is by far the most desired home feature for Colombians
Tomorrow 2040: Single-person households will become more common
Tomorrow: The share of households led by 60+ year-olds will become substantially higher
Tomorrow: Almost a quarter of population will remain with no broadband internet
Opportunities for growth
Case study: Manzana Verde, Chilean health food subscription plan, enters Colombia
Today 2023: Colombians hit by increased cost of living coupled with fall in disposable income
Today: Low-income households spend majority on essential goods and services
Today: Gen Z keen to increase spending on education and health and wellness
Tomorrow: Disposable income in Colombia to increase above regional average
Tomorrow 2040: The lowest social class E set to remain the largest
Tomorrow: Medellin’s importance will grow
Opportunities for growth
Case study: Discounter chain D1 launches a private label apparel line
Key findings: Consumer survey
Boomers and Gen X focus on price, Millennials and Gen Z on quality
Today: Tough economic times push Colombians to seek bargains
Colombians more worried about climate change than the global average
Inability to save for emergencies common
Boomers prioritise home office and flexible hours, while Gen Z more focused on salary
Opportunities for growth
Case study: Boccherini homeware store and Multiplaza Bogota mall join in recycling initiative
Key takeaways
Buy Consumer Profiles reports to:
Gain a thorough knowledge of shifting consumer landscape and attitudes s and fill in information gaps to inform product/service development, market positioning and channel strategy.
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