Consume is a powerful verb that literally means 'to consume', like eating food or using up a resource. However, in this song, Maluma uses it in a deeply emotional and figurative way.
He sings, "Tu recuerdo me consume" (Your memory consumes me), to express how the memory of a past love is completely overwhelming him. It's a feeling that takes over his thoughts and energy, just like a fire consumes wood. This poetic usage makes it a great word to describe an all-encompassing emotion.
Colombian star Maluma is sitting in an empty palace, staring at luxury bags, and feeling entirely foolish. In "Tu Recuerdo", he confronts the hard truth that expensive designer labels cannot fix a broken bond. He admits his mistake outright: "Tú pidiéndome amor, y yo comprando Chanel" ("You asking me for love, and me buying Chanel"). Instead of showing up emotionally, he bought Prada and assumed high fashion could substitute for real affection. Now that she walked away without even giving him a heads-up ("al menos podías avisar" [at least you could have warned me]), all the gold in his house has lost its shine. To make matters sting even worse, he has to watch someone else take his spot without spending a single dime: "Y ahora otro sin gastar ocupa mi lugar" ("And now someone else takes my place without spending anything").
No amount of drinking or smoking can wipe her memory clean ("tu recuerdo me consume" [your memory consumes me]). Notice how Maluma shortens words just like people do in everyday spoken Spanish. He uses "¿Pa' qué...?" instead of the textbook "¿Para qué...?" to ask "What's the point of...?" when wondering why he even needs a palace or big dreams if his bed is empty. Toward the end, he humorously tries to sound polite with "Disculpe, mamacita, disculpe, señora" ("Excuse me, gorgeous, excuse me, ma'am"), only to end on the most practical, petty question possible: "¿Qué hago con todo esto que te compré?" ("What do I do with all this stuff I bought you?"). It is honest, a little pathetic, and very catchy.