Private consumption latest publications
Consumption in the first half of September grows 18.6% against the same period in 2019, showing a better dynamic than that observed in August, when it grew 11.2%. Goods recorded a growth of 34.0% compared to 2019. Meanwhile, services are still 2.8% below their pre-pandemic level.
Consumption in August grew 11.2% compared to the same period in 2019, lower than the maximum observed since the beginning of the pandemic recorded last July (17.6%). In the month, a generalized lower dynamic was observed in the different consumption categories, although with greater emphasis on the goods groups.
Card spending is in positive ground in the last weeks of August, but without a clear trend. Spending on services continues to recover better than spending on goods, but both remain below pre-pandemic levels.
Consumption so far in August is 16.2% above that recorded in the same period in 2019, slightly lower than that observed in July (17.6%). Services would be reflecting lower dynamics in the month with a contraction of 3.3% compared to 2019 while goods grew 29.8%.
August began with a YoY recovery of consumption in real terms, although its level is lower than before the pandemic. The end of the winter vacations significantly contracted tourism and leisure spending, while the rest of the categories remain weak.
Consumption in July was 17.6% above that recorded in the same period in 2019, the highest record since the beginning of the pandemic. While goods had a good dynamic, especially those related to health and food, it was services that drove consumption in the month.
Spending grew 6.9% MoM in real terms in July. However, it is still 5.7% below Jul-19 levels and 5.3% below Jul-20. The negative variation vs 2020 is mainly explained by the Hot Sale that took place that month. The winter holiday balance was not negative even though it remained below the 2019 one.
Consumption in July consolidates the good dynamics observed in the first days of the month and is 16.0% above that recorded in the same period in 2019, the highest record observed since January 2020.