Although most Colombians think about their next vacation, many cannot consolidate the plan due to the main economic concerns at home. This was revealed by the most recent Consumer Pulse study by Bain & Company, which reveals a Worrying gap in consumption habits and economic prospects between Colombians of different income levels, which significantly affects their ability to plan vacations.
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The report highlights that while only 14% of high-income consumers do not plan vacations, this figure rises tol 46% among those with low incomes.
This behavior, according to the firm, is explained by the negative and not very optimistic perception of economic stability among low-income sectors, who They prioritize aspects such as job stability, family well-being and other basic needs before vacation time. In contrast, high-income consumers enjoy more free time and flexibility, allowing them to plan vacations more frequently.
Furthermore, the study shows that this difference in vacation planning influences the consumption of products and services related to leisure. For example, consumption of snacks is 1.3% higher among high-income people, while consumption in takeaway and delivery is 1.7% higher, in restaurants and cafes 1.8% higher, and in drive-throughs it is 1.8% higher. 1.5 higher compared to low-income consumers.
“The implications of this disparity go beyond the simple choice of whether to vacation or not. The gap between high- and low-income consumers has a significant impact on the national economy, especially in sectors such as tourism and recreation, which depend on consumer spending. The limited capacity of low-income Colombians to acquire new products, services and experiences affects not only their quality of life, but also the jobs and economic stability of industries linked to leisure and vacations,” underlines the report.
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This study highlights the importance of understanding economic differences when analyzing the behavior of the Colombian consumer and how these disparities influence the country’s economy.
Furthermore, two different realities are evident, since there is a marked difference in consumer behavior between different income ranges. In terms of perspectives, although greater concern for health and well-being is a common denominator for all groups, low-income consumers show a state of more negative mood and less optimistic about the future compared to high-income consumers.
The five-year outlook shows that 28% of low-income respondents see a negative future, 31% a neutral one and 41% a more positive one. In contrast, 27% of high-income respondents see a worse outlook, 18% a neutral one and 55% a positive one.
“The aspirations of low-income consumers revolve around stability, their jobs and desire to shop and travel more. On the other hand, high-income individuals also seek travel opportunities, but prioritize their family and work,” adds the report.
Thus, with more free time and flexibility, high-income consumers plan vacations more frequently, eat snacks more frequently and consume alcohol almost twice as much, among other distinctive habits.
It is worth noting that high-income consumers work 1.9 times more in a home office compared to low-income consumers, which allows them more time to travel.
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Other concerns
Other results of the report highlight that despite concerns about their situation and that of the world, consumers maintain a positive outlook for the future.
“Concerned about their financial situation (due to the high cost of living) and their physical health (as well as the ability to maintain it), consumers express stress and sadness as their main negative feelings, showing higher rates of worry than those of of the most developed markets. While in Europe and the United States consumers are stopping cutting expenses, in Colombia the trend continued,” they close
PAULA GALEANO BALAGUERA
Portfolio Journalist
