Peru | Real-time analysis of the impact of COVID-19 on consumption. Up to Sep 27, 2021

In September, the BBVA consumption indicator grew 21% in real terms with respect to the same month of 2019. Compared to September 2020, the indicator grew 39.4%, favored by a low base of comparison (spending contained in 2020 due to social distancing measures).

Key points

• Key points:
• The increase in household spending coincides with (i) the relaxation of sanitary isolation measures, and (ii) the progress of the vaccination process and the reduction of infections and deaths from the coronavirus. Also, the greater availability of liquidity (withdrawals from pension and unemployment protection funds) may have supported household spending.
• The share of the on-line channel in total purchases was 39% (before the pandemic only 20% of transactions were made through this channel).
• The relaxation of isolation measures helped continued growth in spending on transportation, restaurants and fashion and as well as on lodging and tourism-related services (tickets and excursions) that are approaching pre-pandemic levels.
• BBVA consumption index (big data) suggests that in 3Q-21 household consumption spending continued to grow but at a slower rate than that observed in 2Q-21, mainly due to the fact that the YoY comparison base is starting to normalize.

Authors

Geographies

Topics

Tags