Naperville, IL -- (SBWIRE) -- 06/16/2014 -- Reportstack, provider of premium market research reports announces the addition of Colombia Retail Report Q3 2014 market report to its offering
Colombia's retail sector shows strong growth projections for the 2014-2018 forecast period.
BMI forecasts that total GDP will increase 52% from US$385bn in 2014 to US$585bn in 2018, creating
economic growth in the nation. This will have a positive impact on total retail spending which is forecast to
increase 52% over the five-year projection period. All sectors of the market are positioned for growth;
however, fastest growth rates are projected to occur in the transport and recreation, and culture sectors
which are forecast to have an average rate of increase of 9.6% throughout the projection period. The
largest share of market spending will remain the housing and utilities, and food and drink sectors
throughout the projection period.
Colombia's rapid growth of GDP has created increases in the size of the middle class and the proportion of
disposable income per household. As the majority of the population (70%) exists below the US$10,000
annual income threshold, the retail market is not yet fully developed. This creates opportunities for growth
to those operators who are able to enter the nation and establish themselves. Throughout the projection
period, BMI forecasts that the total number of households earning US$10,000+ will increase from 27.4% of
the population in 2014 to 41.0% of the population in 2018. This income bracket is a key customer segment
for the retail sector, and growth in this income bracket creates opportunities' in the retail market.
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