Argentina | BBVA Research Big Data Consumption Indicator (Feb 24, 2022)

Summary

In 2022, consumption still shows no signs of taking off. In spite of a slight improvement in February, the path of card purchases continues to be erratic, with ups and downs that do not make them advance steadily, even with a more relaxed economy in the face of the COVID-19 threat.

Key points

• Key points:
• In the course of February until the last measurement, a slight rebound in the increase of total expenses compared to the same period of 2021 is observed.
• The analysis of the different categories shows their progress and the challenges they face: those that recovered some of what was lost in 2020, those that continue to make progress and those that have already surpassed the level recorded before the pandemic.
• According to official data (EMAE), the economy rebounded 10.3% YoY in 2021, recovering the ground lost during 2020 and replicating the same trend of real expenditures with BBVA cards in Fuels.
• With data observed as of last January and based on card expenditures in Construction, we can anticipate a monthly contraction of this activity that evolves in line with the FX premium (ARS/USD).

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