Global | The COVID-19 impact on Consumption in Real Time and High Definition: 16 July

Summary

This is a weekly publication based on high-frequency and high-resolution aggregated and anonymised transaction data from BBVA to analyse the dynamics in real time of expenditure in the countries where BBVA operates during the ongoing COVID-19 pandemic.

Key points

• Key points:
• The pace of recovery consolidates in the USA and Europe, but moderates somewhat in Latam
• The Consumption Diffusion Heat Map shows July’s outlook clarifies
• Transport and restaurants catch up rapidly after the lift of mobility restrictions, specially in Europe
• The gap between e-commerce growth and physical purchases remains, but it is narrowing in some countries. The difference between consumption in food and the rest is returning to normality
• In Spain, the spending recovery “clearly” consolidates: consumption by card rose in 49 out of 52 provinces with growth rates accelerating in most of them and, while the recovery is consolidating among national consumers, foreign expenditure started to correct too. Turkey’s recovery broadens, hotel expenditure and machinery investment have joined it

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