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After the "Hot Sale" event, cards consumption returned to the previous month trend, a 22% YoY daily average fall in real terms. The changes found in shopping habits during the lockdown were incipient.
During August, consumption falls 24% y/y, a greater drop than that observed in the first days of July. Although the pace of recovery in consumption was slowed by the new regional quarantines, there are already positive signs in some cities with fewer infections that began to open their economies.
As with other health crises throughout history, the world will change in many ways as a result of the COVID-19 pandemic. One of these transformations will be in the way people relate to their finances.
Strong impact of the Hot Sale in the last week of July, especially in "non-essential" items. Fuel and Construction sales showed slight signs of an incipient recovery that needs more data to start setting a trend. The lockdown period has started to set new behaviors.
The significantly better-than-expected export growth boosted by coronavirus-related product shipments, together with a volume expansion while total value dipping import growth helped to maintain the growth momentum extending in 2H 2020.
At the beginning of August, the card-consumption indicator remains positive, sustained by spending on home goods and services.
Consumption falls 9.4% y/y in July and continues to recover but with moderation due to recent mobility restrictions adopted in some cities. With the relaxation of these restrictions, a partial recovery in consumption is evident in Bogotá and Medellín.
The impact of the pandemic and lockdown affected all sectors, in an economy going through its third year of recession, further weakening the resilience of the economic structure and the capacity for recovery. Thus, monitoring the activity in real time is essential.