Argentina | BBVA Research Big Data Consumption Indicator (Feb 3, 2022)

Summary

In the first month of 2022, card consumption suffered a year-on-year drop explained by the slowdown in spending on services and the contraction in goods, causing the level of purchases to be below the pre-pandemic level.

Key points

• Key points:
• Consumption with cards was again down, with an average year-on-year decline of 4.7% in real terms in the survey of last January. Both goods and services fell in their spending levels.
• In 14 of the 20 categories, the average level of spending in January 2022 did not reach the equivalent level of spending in the same month of 2019 and 2020.
• Spending on fuel with BBVA cards indicates that the level of economic performance in 4Q21 would have been better than in 3Q, which had represented a positive surprise by exceeding consensus expectations.
• The BBVA Group countries where real-time consumption measurement is also carried out in recent months have consistently outperformed pre-pandemic records, despite the heterogeneity among them.

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