Household consumption in Brazil rose by 3.72% throughout 2024, according to data from the Brazilian Supermarket Association (Abras). In December alone, consumption jumped 7.23% compared to the same month in 2023 and 12.81% versus November, reflecting a year-end peak in spending.

This trend was also seen in the broader retail sector. According to IBGE (Brazilian Institute of Geography and Statistics), retail sales increased by 2.0% in December year over year, closing out the year with a cumulative gain of 4.7%.

In the extended retail category—which includes segments like automotive, construction materials, and food wholesale—the annual growth was 4.1%. While there was a 1.1% drop in December compared to November, the yearly figure points to continued sector expansion.

At the same time, the industrial properties market saw an increase in supply. According to SiiLA data, 567,800 m² of new class A and A+ industrial properties were delivered in Q4 2024. The average vacancy rate rose to 9.7%, up from 8.26% in the previous quarter.

The rise in vacancy coincided with the sharp increase in new deliveries, suggesting that the uptick in vacancy was driven more by supply-side growth than weakening demand.