Global | The COVID-19 impact on Consumption in Real Time and High Definition: 2 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 the recovery slowed down at the end of June after the rapid catch up growth during the last weeks
• The Consumption Diffusion Heat Map shows a much more clear outlook in June compared to the last three months
• While restaurants continue catching up since the lift of mobility restrictions, specially in Europe, accommodation is still subdued
• Spain continues to consolidate its recovery: accommodations’ negative growth has started to moderate, card expenditure has risen in 48 out of 52 provinces exceeding 10% yoy in 27 of them and, on June 22-28, national consumption of provinces who went into Phase 3 first grew 7% yoy and the rest grew 4% yoy
• In Turkey, consumption went back to normality in June and investment accelerated since the middle of the month. In Peru, online expenditure is still booming and negative growth rates moderated in June

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