Spain | 28A: a flicker in consumption

Summary

On April 28, Spain experienced one of the most serious electricity blackouts in its history. Beyond the immediate collapse in activity, the blackout had a clear impact on consumer spending—especially purchases made using digital payment methods.

Key points

• Key points:
• According to the report published by BBVA Research, BBVA customer card spending in the areas affected by the blackout plummeted by 41% compared to a normal Monday in April 2024.
• This drop was even sharper in sectors such as fashion, health and electronics, where activity fell by more than 60%. The impact was less severe in supermarkets and department stores.
• In contrast, the areas not affected—the Balearic Islands, the Canary Islands, Ceuta and Melilla—only saw a 7% drop, partly attributable to the disruption of digital services tied to the mainland.
• Most striking, however, was the speed of the recovery. By April 29, just one day after the blackout, card spending bounced back to 14% above normal levels, and by April 30, it had surged to 37% above average.
• The use of Bizum and cash withdrawals followed a similar pattern. Digital payment fell by 44% in the impacted areas, while withdrawals decreased by 25%.

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