Global | The COVID-19 impact on Consumption in Real Time and High Definition: 23 July

Summary

This is a weekly publication based on high-frequency and high-resolution aggregated and anonymised transaction data from BBVA to analyse the dynamics in real time of expenditure in the countries where BBVA operates during the ongoing COVID-19 pandemic.

Key points

• Key points:
• There are positive growth rates in the USA and in Europe, where Turkey is accelerating noticeably. Latam countries are catching up
• The Consumption Diffusion Heat Map shows the recovery by sectors seems clearer in Spain and Turkey
• Expenditure in hotels stabilised this week in most of the countries, but it increased in Turkey (driven by locals) reaching positive growth rates. As for transport consumption, it kept recovering
• While the use of cash increased more than card payments in the case of Turkey and Argentina, the opposite happened in Spain and Peru
• In Spain, whereas national expenditure kept recovering, the slump in foreign consumption is still high in touristic areas and big cities. Turkish recovery is ongoing in both consumption and investment

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