Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Colombia.

1. A u g u s t 2 0 2 0
Colombia’s
Consumers Pulse

2. 2200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

3. 3200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

4. 4200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Un mes atrás… Hoy…Un mes atrás… Hoy…
¿Cómo se están sintiendo los Colombianos?
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551)

5. 5200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
People are following government recommendations of social
distancing slightly less each month but it’s still high
Working from home has flattened out during July vs growth
seen in June
Although +95% respondents are complying with safety measures, lockdown seems
to have slightly lessened
C O N S U M E R S E N T I M E N T
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
May June JulyMay June July

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Colombian consumer expectations on the pandemic remain stable regarding
financial impact and expected duration in July
Consumer expectations during July remained stable with a
slight decrease in the long term quarantine
So far, expectations on the financial impact of the pandemic are
worse than actual impact but remain stable
Real
impact
Expected impact
82%
75%
C O N S U M E R S E N T I M E N T
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)

7. 7200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Most consumers expect to be economically hindered due to COVID, specially in low
income groups
Note: Question: How much do you expect Coronavirus will impact your household income? | Low income includes households with a monthly income lower than $2,000,000; Mid income are households with a monthly income between $2,000,001 -
$5,000,000; High income are households with a monthly income higher than $5,000,001; Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Expected financial impact
Percentage of respondents (%)
Expected financial impact by income level
Percentage of respondents (%)
C O N S U M E R S E N T I M E N T
Low income Mid income High income

8. 8200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

9. 9200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
As in last months, routines keep on being affected by COVID: consumers are still
spending more time on digital entertainment and less time working
Activities:
Pre-Covid
June
Hour spent per day
breakdown
Indoor exercise replaced outdoor and gym
as people are cautious and many facilities
remain closed
Indoor
entertainment
Mahjong, spend
time with family
Digital
entertainment
On mobile, laptop,
TV and gaming
devices
Daily necessity
Sleep, eat,
personal hygiene
etc.
Work and study
Meetings, learning,
finish work tasks
along or
collaboration
Outdoor
activities
Exercise, jogging,
social gathering
Indoor exercise
Yoga, push ups
Transport
Public or own
transportation
Change in time
(June/ Pre-Covid
in minutes)
+48 -47 +53 +26 +14 -54
Note: May/June/July survey results adjusted to be comparable with pre-covid results from April’s survey
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
May
-47
T I M E A L L O C A T I O N
April
July

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T I M E A L L O C A T I O N
Large numbers of consumers keep trying new activities & expect to maintain them
as new habits, except for medical consultation which is less likely to stick afterwards
First attempts since the epidemic started (% of respondents)
38%
Try online bankingTry online banking
41%42% 41%
33%
Pay for online
entertainment
Pay for online
entertainment
33%33% 34%
32%42%41% 34% 34%41%37% 39% 39%
Watch live broadcast
through mobile
Watch live broadcast
through mobile
38%36% 36%
15%
Social e-commerce/
Community groups
Social e-commerce/
Community groups
23%21% 22%17%
Order a meal through
an app
Order a meal through
an app
37%35% 34%
Online medical
consultation
Online medical
consultation
40% 47%
13%36%30% 37% 5%
Buy indoor fitness
equipment
Buy indoor fitness
equipment
15%13% 15%
32%52%
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit
Work from home
softwares
Buy groceries
online
Online education
courses

11. 11200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Try online bankingTry online banking
Pay for online
entertainment
Pay for online
entertainment
Watch live broadcast
through mobile
Watch live broadcast
through mobile
Social e-commerce/
Community groups
Social e-commerce/
Community groups
Order a meal through
an app
Order a meal through
an app
Online medical
consultation
Online medical
consultation
Buy indoor fitness
equipment
Buy indoor fitness
equipment
Work from home
softwares
Buy groceries
online
Online education
courses
Large numbers of consumers keep trying new activities & expect to maintain them
as new habits, except for medical consultation which is less likely to stick afterwards
First attempts since the epidemic started (% of respondents)
T I M E A L L O C A T I O N A G E
18-34 34% 44% 45%
35-54 40% 47% 56%
+55 47% 52% 57%
18-34 40% 43% 44%
35-54 45% 42% 45%
+55 32% 28% 35%
18-34 40% 42% 39%
35-54 40% 40% 44%
+55 46% 41% 42%
18-34 45% 50% 49%
35-54 39% 34% 38%
+55 24% 28% 31%
18-34 41% 39% 37%
35-54 34% 37% 35%
+55 32% 30% 42%
18-34 38% 39% 36%
35-54 33% 34% 36%
+55 33% 26% 39%
18-34 34% 41% 37%
35-54 30% 34% 36%
+55 26% 36% 35%
18-34 38% 39% 38%
35-54 33% 31% 30%
+55 27% 30% 27%
18-34 20% 25% 24%
35-54 22% 24% 26%
+55 22% 15% 18%
18-34 17% 17% 16%
35-54 12% 12% 13%
+55 8% 19% 16%
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
34%
33%34%35% 34%
41% 36%
15%23%21% 22%37%
47% 39%
15%13% 15%
52%40% 41% 42% 42% 41% 37% 41% 36% 38%
33%36%30%37%
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit

12. 12200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Large numbers of consumers keep trying new activities & expect to maintain them
as new habits, except for medical consultation which is less likely to stick afterwards
First attempts since the epidemic started (% of respondents)
T I M E A L L O C A T I O N I N C O M E
Low 34% 43% 44%
Mid 42% 32% 60%
High 61% 84% 67%
Low 33% 27% 34%
Mid 49% 34% 52%
High 53% 72% 61%
Low 41% 36% 36%
Mid 45% 33% 47%
High 32% 55% 56%
Low 36% 34% 37%
Mid 40% 29% 46%
High 29% 51% 47%
Low 36% 36% 36%
Mid 37% 22% 40%
High 33% 56% 42%
Low 33% 27% 31%
Mid 37% 26% 44%
High 36% 59% 49%
Low 26% 29% 29%
Mid 37% 31% 45%
High 30% 60% 52%
Low 32% 27% 28%
Mid 37% 27% 39%
High 25% 58% 34%
Low 19% 28% 22%
Mid 24% 16% 24%
High 23% 48% 27%
Low 9% 11% 11%
Mid 15% 13% 18%
High 27% 32% 31%
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit
Pay for online
entertainment
Pay for online
entertainment
Social e-commerce/
Community groups
Social e-commerce/
Community groups
Order a meal through
an app
Order a meal through
an app
Buy indoor fitness
equipment
Buy indoor fitness
equipment
Buy groceries
online
33%34%35% 34% 15%23%21% 22%37% 15%13% 15%33%36%30%37%
Try online bankingTry online banking
Watch live broadcast
through mobile
Watch live broadcast
through mobile
Online medical
consultation
Online medical
consultation
Work from home
softwares
Online education
courses
34% 41% 36%47% 39%52%40% 41% 42% 42% 41% 37% 41% 36% 38%

13. 13200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Platform usages are up across the board: Youtube, Whatsapp and Netflix show the
largest increase; consumption in July was slightly larger than in June
Percentage of respondents using more (%)
Change in platform use during June
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Media contentSocial media Communication platforms
T I M E A L L O C A T I O N

14. 14200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

15. 15200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Reference to have a better understanding on the next slides
“Net percentage spending more” Time reference Future expectations
Q: “How did your spending change in [product/service X]
since the pandemic began?”
Respondents change in spending
(%, change/ total respondents)
% respondents
spending somewhat
or significantly
more than before
% respondents
spending about the
same than before
% respondents
spending somewhat
or significantly less
than before
Net %
spending more
(NSM)
=
% respondents
spending somewhat
or significantly more
than before
% respondents
spending somewhat
or significantly less
than before
-
Net % spending more
(%)
E X A M P L E
The information shown at each
month reflects the
accumulated value from the
beginning of pandemic until
the respective month
Net % spending more expectations
(%)
E X A M P L E
Long
term
Refers to
expected
values
after +12
months
Mid term
Refers to
expected
values
within the
next 12
months
[Month]
Refers to
current
values
recorded
in the last
survey
I L L U S T R A T I V E

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Spending has fallen in July after slightly recovering in June across almost all
categories
Net percentage of respondents spending more (%)
Change in spending per category
D E M A N D S P E N D I N G
Essentials (Groceries) Essentials (Others) Non-essential categories
Fresh
food
Packaged
food Beverages Home care
Personal
care Pet
Consumer
health Games Beauty
Apparel &
footwear
Note: Net % spending more is calculated as % spending more minus % spending less; Consumer health refers to non-prescription items (e.g., vitamins, cold/allergy tablets etc.); Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
May June July

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Both income levels saw a decrease in consumption across every essential category
in July vs last month
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
D E M A N D S P E N D I N G E S S E N T I A L S
May June July

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Consumers expect most essential categories spending to fall in the medium and
long term
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category; Mid term refers to the next 12 months; Long term refers to +12 months
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Fresh food Packaged food Beverages Home care Personal care
Net percentage of respondents spending more (%)
Change in spending per category over the pandemic
(to June)
D E M A N D S P E N D I N G E S S E N T I A L S

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Unlike in June, spending has been reduced in most service categories (exc. Fitness)
although it did not reach the level of May
Net percentage of respondents spending more (%)
Change in spending per category
D E M A N D S P E N D I N G
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
D E M A N D S P E N D I N G S E R V I C E S
May June July

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Lower income households have increased their spend in all categories vs June (ex.
concerts); higher income households have only increased in travel, fitness & edu.
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenanceEducation
Maintenance
Low income levels High income levels
D E M A N D S P E N D I N G S E R V I C E S
May June July

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Consumers are more optimistic about most services spending in the mid and long
term vs. current spending; optimism is higher than in June
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category; Mid term refers to the next 12 months; Long term refers to +12 months
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance
D E M A N D S P E N D I N G S E R V I C E S

22. 24200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

23. 25200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value slightly increase across most essential categories in brand behavior
vs the decrease seen in June
Note: Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Respondents under Flight to value brand behavior (%)
Fresh food Packaged food Beverages Home care Personal care
F L I G H T T O V A L U E B R A N D S
May June July

24. 26200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value behavior increases across almost every category and in both income
levels in July
Note: Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
Respondents under Flight to value brand behavior (%)
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
F L I G H T T O V A L U E B R A N D S
May June July

25. 27200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value in size behavior shows a similar movement than FTV brand behavior,
a slight increase across almost every essential category
Note: Excludes respondents who indicated they never spend on category; April N/A
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
F L I G H T T O V A L U E
Respondents under Flight to value size behavior (%)
Fresh food Packaged food Beverages Home care Personal care
F L I G H T T O V A L U E S I Z E S
May June July

26. 28200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value size behavior increased for high and low income households, with the
greatest change in high income levels
Note: Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
April May JuneRespondents under Flight to value size behavior (%)
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
F L I G H T T O V A L U EF L I G H T T O V A L U E S I Z E S

27. 29200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

28. 30200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Slight increase in online spending vs. June; online is winning over offline, with NSM
of -1% vs. -16%
Net percentage of respondents spending more (%)
Change in spending per category
May June July
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)
C H A N N E L S H I F T S
Aggregated spend change Offline channels Online channels
Offline
channels
Online
channels Drug stores Local stores Wholesalers Supermarkets Convenience
Pick up at
store
Delivery
app
Retailer
appWhatsapp

29. 31200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Consumers used a large number of providers to make purchases in July. Justo &
Bueno jumped 5p.p and surpassed Éxito to take the 2nd place
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) 30/06/2020 (N=1,551)
C H A N N E L S H I F T S
June’s results

30. 32200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
~50% of respondents replaced a
purchase on traditional channels in June
Replacement of traditional channels is stable; ~79% of consumers that replaced
traditional channels expect to maintain some degree of this new habit
Online + delivery is the main option for
consumers who didn’t visit the store
~79% expect to maintain some degree
of the new habit
C H A N N E L S H I F T S
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)

31. 33200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
62% of consumers that replaced purchases on traditional channels are also using
other retailers to make those purchases
62% of consumers use other retailers when switching to new
channels
50% of consumers replaced purchases they would do on
traditional channels
C H A N N E L S H I F T S
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)
50%
44%
50%
60%61% 62%

32. 34200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low income: ~38% replaced traditional
channels and most will keep new habits
Traditional channel replacement is happening across all income segments; ~88% of
high income respondents expect to keep some degree of these new ways of buying
Mid income: Most replaced traditional
channels and ~82% will keep new habits
High income: Most replaced traditional
channels and will keep new habits
C H A N N E L S H I F T S
38%
67%
72%
64%
76%
82%
67%
81%
88%
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)

33. 35200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Young: half replaced traditional
channels and ~78% will keep new habits
Traditional channel replacement is happening across all age segments; most expect
to keep some degree of these new ways of buying
Middle-aged: ~49% replaced traditional
channels and ~79% will keep new habits
Old-aged: ~49 replaced traditional
channels and ~80% will keep new habits
C H A N N E L S H I F T S
51%
72%
78%
49%
70%
79%
49%
79% 80%
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)

34. 36200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Rappi, Whatsapp and Mercado Libre have ~40% of respondents saying they began
to use it or increased its usage during the pandemic, with increasing values vs. June
C H A N N E L S H I F T S
May June July
614 662 731 594 646 707 481 567 574 451 437 444 334 377 396 155 190 234 161 186 177 146 157 163 161 169 151
N (resp. increasing usage)
Market apps
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)

35. 37200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Customer experience: Mercado Libre continue leading NPS vs. other surveyed
platforms; Mercado Libre, Linio & Uber Eats improved NPS during July
C H A N N E L S H I F T S
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611), 30/06/2020 (N=1,551), 29/05/2020 (N=1,516), 20/04/2020 (N=1,586)
NPS for key players
(%)

36. 38200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Colombia is slightly more optimistic about the pandemic duration, but not about the financial impact.
Expectations on the financial impact are worse than actual impact. Uncertainty, anguish, sadness, fear, worry,
faith & care describe how the consumers in Colombia are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+50
minutes per day) and less time working (-50 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Youtube, Whatsapp and Netflix showing the largest use increase
• Demand in general had slightly recovered in June but has fallen in July across most categories. Up to 40%
of consumers expect different essential categories spending to fall in the mid and long term, in comparison to
pre-pandemic levels, similar to what we have seen in June
• Unlike in June, service spending has been reduced in July across all categories, when compared to last
month. Nevertheless, consumers are optimistic about most services spending in the mid and long term, with
higher income households showing more optimism in the mid term vs. lower income households
• Contrary to what happened in June, flight to value is slightly increasing in July across all essential
categories in brand and size behavior; high and low income levels showed similar movement
• Online is now winning over offline, with net spending more of -1% and -16%, respectively. ~50% of all
consumers replaced purchases on traditional channels for alternative ones, and ~79% expect to keep some
degree of these new ways of buying. The winning players continue to be Rappi and Whatsapp, with ~45% of
respondents saying they began to use them or increased their usage during the pandemic
• The use of digital banks and wallets increased in the mid income segment (+5p.p. June vs. July)
• Financial situation is currently better than in June, with ~27% of respondents not able to meet financing
terms
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

37. 39200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
The use of digital banks and wallets has increased in low and mid income
households; Davi Plata leads new adoption or increase in usage with ~48% growth
Digital banks’ penetration is growing in the high inc. segment Top players are growing disproportionately
P A Y M E N T S & F I N A N C I N G
June’s results
Low income Mid income High income
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)

38. 40200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Better financial situation than in June: ~27% of consumers will not be able to meet,
already restructured or need to restructure terms of the financing agreements
~27% of consumers won’t be able to
meet the original terms of the financing
~59% of consumers that restructured
think they still may not be able to pay
Main reason to default is receiving an
offer to rest. but not being able to take it
21
P A Y M E N T S & F I N A N C I N G
2
1
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)

39. 41200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Better financial situation than in June: Mid income households show more difficulty
to meet the original terms of the financing agreements
~30% of mid income won’t be able to
meet the original terms
~59% of consumers that restructured
think they still may not be able to pay
Main reason to default is receiving an
offer to rest. but not being able to take it
21
Note: Low income includes households with a monthly income lower than $2,000,000; Mid income are households with a monthly income between $2,000,001 - $5,000,000; High income are households with a monthly income higher than $5,000,001
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)
P A Y M E N T S & F I N A N C I N G B Y I N C O M E L E V E L
Low Mid High
2
1
Low Mid HighLow Mid High
Low number of
respondents
answering this
particular question
Most high
income
households
will pay in time

40. 42200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Better financial situation than in June: 35-54 years old people show more difficulty to
meet the original terms of the financing agreements
~33% of 35-54 years old respondents
won’t be able to meet the original terms
~59% of consumers that restructured
think they still may not be able to pay
Main reason to default is receiving an
offer to rest. but not being able to take it 21
Note: Young age includes respondents between 18 and 34 years old; Mid aged includes respondents between 35 and 54 years old; Old aged includes respondents over 55 years old
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)
P A Y M E N T S & F I N A N C I N G B Y A G E G R O U P
2
1
18-34 35-54 +55 Young Mid Old Young Mid Old
Low number of
respondents
answering this
particular question

41. 43200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Better financial situation than in June: ~27% of consumers across all regions won’t
be able to meet the original terms of the financing agreements
~27% of consumers won’t be able to
meet the original terms of the financing
~59% of consumers that restructured
think they still may not be able to pay
Main reason to default is receiving an
offer to rest. but not being able to take it
21
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611) , 30/06/2020 (N=1,551), 29/05/2020 (N=1,516)
P A Y M E N T S & F I N A N C I N G B Y R E G I O N
Bogotá Antioquia Other Bogotá Antioquia Other Bogotá Antioquia Other
2
1
Lack of income and high
interest rates are the
most mentioned reasons

42. 44200803 Bain - Colombia C ... uly_v5NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Panel composition
Geography Age groups Income level
Note: Low income includes households with a monthly income lower than $2,000,000; Mid income are households with a monthly income between $2,000,001 - $5,000,000; High income are households with a monthly income higher than $5,000,001
Source: Bain Colombia Consumer Pulse 31/07/2020 (N=1,611)
B A C K U P

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