Private consumption latest publications
In May, total consumption with BBVA cards, in real terms, grew 10.2% YoY. The latest data from our real time indicators show a weakness in the economic recovery process.
In May, BBVA Research's big data consumption index (inflation-adjusted spending with cards and cash withdrawals) increased 8,0% compared to the same month in the previous year (19.0% YoY in April).
In April, total consumption with BBVA cards showed a year-on-year increase of 12.2%. Most items already exceed the average pre-pandemic spending so far in 2022. Although consumption is recovering, it shows a significant slowness that reflects its lack of dynamism.
In March, total consumption with BBVA cards grew year-on-year in constant pesos by 1.2%, but is still far from reaching pre-pandemic variations. Heterogeneous dynamics are observed due to the comparison base since in the same month in 2021 the health context was more complex.
In the first half of March, consumption with BBVA cards slowed down after the moderate increase in February, although the level of real spending is 5% above the pre-pandemic record. In the first two months of 2022, our customers made a greater number of transactions, but for real amounts comparable to those of 2020.
In 2022, consumption still shows no signs of taking off. In spite of a slight improvement in February, the path of card purchases continues to be erratic, with ups and downs that do not make them advance steadily, even with a more relaxed economy in the face of the COVID-19 threat.
Consumer spending remained strong at the beginning of the year, although there are already signs of a deceleration, especially in the goods group. Department stores and drugstores were the items that declined the most. On the other hand, services recovered dynamism.
In the first month of 2022, card consumption suffered a year-on-year drop explained by the slowdown in spending on services and the contraction in goods, causing the level of purchases to be below the pre-pandemic level.