According to a study conducted by Nielsen, a company that analyzes audiences, data and consumer behavior, 38% of Colombians increase their spending frequency in discount or low promotion stores. The analysis shows that the rising cost of living in Colombia is changing consumer behavior.
On the other hand, the Nielsen study shows that 97% of people take various steps to reduce their costs when buying products. 47% of consumers in the country decided to stop buying some products to focus only on essential ones.
In addition, according to market research, 43% of people tend to buy any brand with a discount or promotion and 34% intend to replace or change an option with a cheaper price because of the situation that Colombia is going through.
Ricardo Gutiérrez, NIQ’s RV customer success leader, emphasized that “although during the year we showed a slowdown in inflation, product prices continued to rise, albeit at a slower pace than the peaks in recent years.” 18 months. This dynamic has led to a change in consumer behavior in the country, which prioritizes different alternatives to compensate for the rising cost of living.”
The company also found that three out of ten Colombians claim to be in a worse financial situation than last year, with 34% feeling that way because of the economic slowdown and that 83% of Colombians are burdened by the rising cost of living.
Silvia Juliana Rueda Serrano, vice president of corporate affairs at D1, a company characterized by more accessible prices to the public and with more than 2,300 stores in Colombia, said that the company, in 2023, continues to leadership position in the sector of hard discount.
“We continue to grow our network of stores in the country. Currently, we have more than 500 stores in 28 departments where we take our proposal that creates value from the quality-price relationship, which has become more relevant,” he added.
Rueda emphasized that the company believes that Colombians choose hardiscount, or promotion, stores “plus”, because of their proximity to their clients And because of this, according to the company, the categories that sell the most in stores are dairy products, fats, grains and hygiene products.
The work done by D1, according to the company’s vice president of corporate affairs, has benefited, in the same growth, by increasing the presence in Colombia, because they buy more merchandise, which translates into sales for all consumers in their establishments.
Another of the competitors that stands within the prices with promotions is ARA, a hardiscount company of the Jerónimo Martins organization, which generated $8.6 billion last year, with losses of $230,627 million, but they have recovered 17% since 2021. In addition, in 2022 they will have 1,201 points in Colombia.