Private consumption latest publications
Consumption in December grew 20.0%, closing the year with a similar dynamic to that recorded in November but lower than in October (24.8%). In the first part of January, goods have shown good dynamics while services fell compared to the peak recorded in December 21.
In 2021, total card consumption recovered a similar dynamism to that of 2019. The evolution of the different categories reflects the uneven impact of the pandemic and the changes in habits it brought about. 2022 began with a YoY contraction in total spending due to the slowdown in consumption of services.
According to the BBVA Big Data Consumption Index, consumption in November grew 22.3% compared to the same period in 2019. In December it accelerated slightly, growing 23.8%. In the first part of December services showed lower dynamics while goods boosted consumption.
Total consumption with cards is at similar levels to those of a year ago. The contrast between consumption in goods and services persists. Signs of weakness in private sector employment generation. Industry and construction, with expectations of a slight increase in the last part of 2021.
The economy is recovering strongly, as confirmed by both third quarter growth data and our real-time indicators as of the third week of November. The protagonist of this recovery is both private and public consumption.
The BBVA Big Data Consumption Index shows that consumption improved its dynamics in the second half of November, which, so far this month, accelerated compared to its October record (24.8%), growing 26.2% compared to the same period in 2019.
Total consumption with cards continues with a weakened performance, with spending on services growing much faster than spending on goods. Although the number of transactions increased with respect to previous years, compared to other BBVA Group countries, the evolution is somewhat slow.
The dynamics of total consumption with BBVA cards still shows no signs of a definitive take-off, even though the last measurement was able to detect the Cyber Week effect. On this occasion, we present a new leading indicator on the performance of total private registered employment and its main sectors.