Argentina | BBVA Research Big Data Consumption Indicator (Oct-22)

In September, total consumption with BBVA cards fell 9.4% YoY in real terms. Most of the categories contracted their average real spending level per transaction, remaining below the pre-pandemic level. Our indicators point to a flattening of economic activity.

Key points

• Key points:
• In just two days of September, there were YoY increases in the total amount of purchases with BBVA cards in constant currency. Spending on goods fell more than spending on services, although the number of transactions remained relatively stable.
• During the ninth month of the year, all items showed a decrease in the level of expenditure, except those related to tourism and Care and Beauty, resulting in a significant contraction of average real expenditure per transaction.
• Only three items showed a higher level of real average consumption per transaction in September than in the pre-pandemic.
• Fuel sales for the whole of 3Q22 remained relatively flat compared to the previous quarter. The exchange rate gap continues to be decisive in spending decisions in Construction, Household and Technology.
• In the last month under analysis, the number of purchases in supermarkets expanded much more than the total amount, resulting in a new contraction of real average spending per transaction. This brings to 19 consecutive months of decline in average consumption in this category (in constant pesos).

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