Argentina | BBVA Research Big Data Consumption Indicator (Nov 11, 2021)

Summary

The dynamics of total consumption with BBVA cards still shows no signs of a definitive take-off, even though the last measurement was able to detect the Cyber Week effect. On this occasion, we present a new leading indicator on the performance of total private registered employment and its main sectors.

Key points

• Key points:
• Between the end of October and the beginning of November, the average growth of total consumption with cards was -0.3% YoY, with spending on goods declining and spending on services increasing.
• The Cyber Week effect was captured in its first days, placing it 60% above the pre-pandemic record, but with a lower impact than the same event a year earlier.
• The new indicator of the evolution of customers whose employers deposit their salaries in BBVA provides forward-looking information and a closer approach to the evolution of total private registered employment and its main sectors.
• The official Manufacturing and Construction data for September 2021 confirm the behavior anticipated by our real-time consumption indicator, with industrial production stabilizing above pre-pandemic levels and construction showing signs of weakening.

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