Argentina | BBVA Research Big Data Consumption Indicator (Mar 23, 2022)

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.

Key points

• Key points:
• During February, consumption measured in real terms grew at an average rate of 3.7% YoY, but in the first half of March this figure fell to -2.1% YoY.
• The high-definition detail of consumption with BBVA cards during January and February 2022 shows that customers made more purchases but for lower real amounts, similar to those of the first two months of 2020.
• When February's consumption is analyzed by categories compared to the same month in previous years, it can be seen that the number of transactions has been on an upward trend in most of them. However, there is some heterogeneity in the measurement of spending at constant prices.
• INDEC released the figures of purchases in supermarkets corresponding to December 2021, in line with the improvement observed in the evolution of BBVA's real time expenditure indicator in that item. However, there is a slowdown in the non-seasonal measurement for January and February 2022.

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