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After the expansion of mobility restrictions in most of the country, consumption has deteriorated further in recent days, dropping 18% annually in January. The service sectors are in a sharp decline in recovery and many are at levels recorded prior to the end of strict confinement.
January 15, 2021
Global | The COVID-19 impact on Consumption in Real Time and High Definition: Jan 15th
The COVID-19 impact on consumption was much more intense during the first wave than in the rest of the year 2020. By sector of activity, the impact of Covid-19 has been heterogeneus too. Food and health was the most beneffited ones and tourism related sectors the most damaged.
Consumption in January shows a significant deterioration related to the new mobility restrictions imposed by the arrival of the second wave of Covid-19 in the country. At the regional level, the impact on consumption has been differentiated and has depended largely on the degree of closure of the economy.
BBVA´s credit and debit cards consumption fell 7.2% (in real terms) in 2020, compared to 2019. Services transactions were more affected than goods. Consumers appear to show changes in certain shopping habits due to isolation.
In 2020, in nominal terms, consumption fell 6.7% y/y, with a decline in services of -28.1% and growth in goods of 9.2% compared to 2019. Its maximum decline was observed in April (-40%) because of the effects of containment and the pandemic, and it has since gradually recovered.
Total consumption ends 2020 with a boost given by Christmas shopping, returning to pre-pandemic levels. Official data confirms the predictive power of our real-time consumption indicator for both economic activity and supermarket consumption.
December 29, 2020
Impact of COVID in Spain with data on mobility, electricity demand and card expenditure
BBVA, Iberdrola and Telefónica have joined forces to analyze the consequences of the first wave of COVID-19 - between March and August 2020 - on household spending, electricity consumption and mobility.
December 24, 2020
Spain | Not just the hospitality sector: other sectors affected by the COVID-19 crisis
BBVA Research has used decision trees to show that the difference in the Spanish provinces' productive structure was one of the fundamental determining factors in explaining the initial decrease in employment caused by the national lockdown.