Spain | Consumption slows after two weeks of rail traffic disruption

Summary

After two weeks of railway disruption, consumption in the affected provinces shows a more generalized slowdown. Growth in domestic card spending moderates, while foreign card spending has already turned negative. The largest impact continues to be concentrated in bilateral flows between Madrid and the affected provinces.

Key points

• Key points:
• Domestic in-person card spending grew by 4.8% year-on-year, falling below the rest of Spain, with a negative differential of -3.7 pp.
• Foreign card spending declined by 1.0% year-on-year, compared with a 1.8% increase nationwide.
• Spending linked to domestic interprovincial tourism slowed to 3.6% year-on-year, with a negative differential of -5.3 pp versus the rest of the country.
• Madrid–affected provinces flows show the sharpest deterioration: spending by Madrid residents fell by 7.0% year-on-year, while spending by residents of the affected provinces in Madrid barely grew (0.4%).

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