Global | The COVID-19 impact on Consumption in Real Time and High Definition: 9 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 moderated at the end of June as countries started getting closer to normality
• The Consumption Diffusion Heat Map clearly shows the worst is behind us
• Expenditure in transport and restaurants keeps recovering after the lift of mobility restrictions, specially in Europe, and the gap between goods and services has narrowed in some countries
• The use of cash has been affected differently by country, with similar trends between card and cash being observed in Peru and Spain
• Spain continues consolidating its recovery; accommodation’s negative growth kept moderating this week and card expenditure rose in 48 out of 52 provinces, but less than the previous week. In Turkey, consumption reached February’s growth rates but investment slowed down due to calendar effects. Mexico’s sectors show larger gaps than the USA’s ones, with food and health being the most benefited ones. Peru and Colombia reached positive growth rates during the beginning of July

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