Argentina | Real-time consumption monitoring (Feb 10, 2021)

Summary

January´s total consumption with BBVA cards fell 1.6% YoY in real terms and moderated the decline for the fifth consecutive month. Goods expenses contracted 7.8% YoY while service expenses fell 24.6% YoY.

Key points

• Key points:
• Consumption associated with tourism reached a plateau in the first week of February. Considering the average YoY variation, accommodation fell 33% (-35% in January), Leisure fell 71% (-78% in January) while Transportation averaged -61% YoY (same as last month). The activity level, measured by the number of transactions, shows a "weak" summer season compared to January 2020.
• There were no important changes in other relevant items, in the first week of February, compared to January’s dynamic. When measuring in real terms the daily average, Food increased just 0.1% YoY, Fuels fell 17% YoY (-18% YoY in January), and Bars and Restaurants moderated the decline to an average 7% YoY from - 10% YoY January.
• Spending stands at 94.4% of the “pre-pandemic” level of January 2019 in real terms in January 2021, but with substantial changes in its composition, with an increase in the usage of virtual platforms and the decline in sectors ere mobility is required. There was also a change of habits, particularly in the days to purchase, the amounts and the number of transactions, which increased during the weekends.
• November’s Supermarket sales, published by INDEC, decelerated to 34.1% YoY, after growing 34.5% in October. The BBVA indicator showed the same behavior, although the slowdown was greater, it grew 37.2% YoY in November, after increasing 46.6% in October. The BBVA indicator shows an acceleration to 44.4% for December 2020, due to purchases for the end of the year holidays and a marginal slowdown in January 2021.

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