Argentina | Real-time consumption monitoring (Sep 4, 2020)

Summary

August ended with a significant overall drop in card consumption by our customers, both for goods and services. Fuel consumption anticipates a calm in the rebound of activity. At the same time, there are fewer ATM withdrawals but higher than in the pre-pandemic situation.

Key points

• Key points:
• August ended with a widespread drop in our customers' card consumption. Measured in real terms, the monthly accumulated fell -15% a/a and -7% in comparison with the average of the previous quarter.
• The distribution of spending allocated to each item has undergone significant changes so far this year, in favor of categories such as online payment platforms, construction and home that offset others such as fuel, transport and entertainment items.
• Given the high correlation between our fuel consumption indicator and monthly activity levels, we anticipate a weak rebound of the economy in August.
• According to BBVA's ATM records across the country, people are making smaller withdrawals but larger ones than in the pre-pandemic period.

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