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Learn moreNov 2020
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Among the many negative impacts of the COVID-19 pandemic on Colombian society during 2020 was that it ruthlessly exposed the vulnerability of less affluent segments of the country’s population to financial distress. This has serious applications for consumer credit, specifically in terms of creating the pre-conditions for a significant expansion of non-performing loans and delinquent debt.
The economic uncertainty that has emerged in Colombia in the wake of the COVID-19 pandemic has had a very negative impact on the ability of many consumers to access consumer credit. Inevitably, it has been less affluent consumers who have been hardest hit by the corrosive economic impact of the COVID-19 pandemic, with many low-income Colombians faced difficulties due to their revenues been derived from freelance work, informal commerce and short-term contracts.
Faced with a massive slump in consumer spending at the peak of the COVID-19 pandemic during the second and third quarters of 2020, the Colombian government took the bold and unusual step of removing IVA (VAT) from all purchases completed online for a 24 hour period on three separate occasions during 2020. This temporary VAT exemption for online businesses can be seen as a form of economic reactivation.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Credit industry in Colombia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, with our detailed market analysis and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Credit industry in Colombia, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s Consumer Credit industry reports, originate from our Passport database, to find out more click here.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.