Spain | Impact of COVID-19 on consumption in real time and high frequency: August 31

Summary

Card spending started strongly but later dropped off during the month of August as the incidence of COVID-19 cases rose. Face-to-face purchases increased 0.4% year-on-year in the week from 25 to 31, while internet transactions declined by -12%, reducing aggregate spending by -2%.

Key points

• Key points:
• Spending with Spanish cards increased 10% year-on-year in August, one point more than in July, due to the positive evolution during the first half of the month. In the second half, the deterioration of purchases was widespread. They only gained momentum in inland territories, such as Teruel, Cuenca, Avila, Burgos, Leon, Salamanca, Soria, Zamora and La Rioja.
• Coronavirus outbreaks impeded the recovery of foreign card transactions, especially in the provinces with the highest tourist demand, such as the Balearic Islands, the Canary Islands, Alicante and Malaga, and in urban destinations, such as Madrid, Barcelona and Zaragoza. For the month as a whole, spending with foreign cards fell by -58% year-on-year, 3 points more than in July.
• The recovery in online spending was interrupted in almost all sectors during the second half of August, both in those most affected by social distancing measures and mobility restrictions (accommodation, travel and transport) and in those that benefited most (food, health, home, fashion and other services).

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