April 9, 2021
Analysis with Big Data
Analysis with Big Data latest publications
Consumption growth sharply accelerated during March compared with last year lockdowns, this increasing growth rates are observed across all countries and sectors.
Spending with BBVA credit and debit cards or BBVA POS terminals grew 56% y-o-y in March due to the base effect caused by the start of the lockdown period a year ago. Compared to March 2019, the growth in card consumption was lower (18%).
In the first quarter of the year, consumption grew 7.5% in annual terms, partially influenced by a rebound effect due to the start of quarantines in 2020. In March, the services sectors returned to pre-pandemic levels, compensating for the lower dynamics of goods consumption.
In March, total card consumption grew 86.3% YoY, this is explained by a low comparison base (in the second half of March 2020, mobility restrictions began due to the beginning of the pandemic).
So far in March, consumption has maintained a similar dynamic to that observed in February, but with a better performance of the service sectors, in which restaurants and fuel surpassed the pre-pandemic level. The beginning of Easter week in the country slows down spending in restaurants and accelerates hotel spending.
Total consumption continues to be unable to grow steadily, remaining at around 0% YoY. The effect of the beginning of the lockdown a year ago is starting to be felt in the different categories. Based on our indicators, activity is expected to grow again in 1Q21, although a second wave of contagions could weaken consumption.
In March, the recovery in spending has slowed compared to that observed in February. Despite a moderation in goods, in the last week of the month a higher relative spending relative to 2019 was observed, driven by the recovery in services, restaurants and clothing.
Consumption so far in March remains above that registered in the same period of 2019 and 2020, however, it moderates compared to the rebound observed in February after the confinements. Some services, which were behind, accelerate in March.