Analysis with Big Data
Analysis with Big Data latest publications
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.
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.
The increase in face-to-face card spending slowed down to 0.5% year-on-year last week, due to both the lower growth of purchases with Spanish cards (8%) and the greater decline in transactions with foreign cards (-54%).
This is a weekly publication based on high-frequency and high-resolution aggregated and anonymised transaction data from BBVA to analyse the dynamics in real time of expenditure in the countries where BBVA operates during the ongoing COVID-19 pandemic.
Consumption in July continues to recover but with differences between regions due to mobility restrictions that have been advanced in some cities. We analyze the impact that these new quarantines have had on consumption in Bogotá and Medellín where the greatest impacts have been seen.
After a significant initial acceleration, BBVA Research's consumption indicator has shown a tendency to moderate in the last week of July.