Peru | Track consumption with real-time data in December 2021

Summary

In December, spending with cards and cash withdrawals (BBVA Research's big data consumer index) increased 7.0% compared to the same month in 2019 (10.9% compared to December 2020).

Key points

• Key points:
• Annually, in 2021 this spending was 10.3% higher than that recorded in 2019 (pre-pandemic; 26.4% over 2020) due to: (i) the gradual recovery of the economy and employment, (ii) the relative containment of the pandemic (in 2021 the third wave did not materialize, which induced more confidence to mobilize), and (iii) the greater availability of liquidity that families have had (withdrawals from private pensions funds and unemployment insurance accounts).
• By component, in December 2021, card purchases grew 62% over December 2019, while withdrawals declined by 11% in December 2021.
• By purchase channel, card purchases in the online channel continued to rise, reaching 38% of total purchases in December (pre-pandemic: 20%).
• By type of purchases, growth in goods’ spending slowed in December, although its dynamism remained higher than spending on services.
• The BBVA consumption index (big data) suggests that in 4Q21 household consumption spending continued to grow but at a slower rate than that observed in 3Q21, mainly due to the fact that the YoY comparison base is starting to normalize.

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