Peru | Tracking consumption with real-time data in February 2022

Summary

In February, BBVA Research's big data consumer index (spending with cards and cash withdrawals) increased 28.0% compared to the same month in the previous year (11.0% YoY January).

Key points

• Key points:
• The spending acceleration was explained by a low base of comparison, as stricter isolation measures were taken in February 2021 due to the second wave of COVID-19 infections that inhibited household spending.
• With respect to February 2019, prior to the pandemic, it is important to note that household spending slowed slightly, although it remains 18% higher.
• The preference ratio for the use of cards over cash remains stable. Within card purchases, the use of the online channel maintained a high share (42% in February 2022; 20% in 2019).
• BBVA Research's consumption indicator suggests that, in the first two months of 2022, private consumption continued to grow (relative to 2021), but at a slower rate than that observed in the fourth quarter of 2021.

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