Spain | COVID-19: Highs and lows in consumption

Summary

Real-time and high-definition big data analytics has made it possible to immediately and accurately understand the impact of the virus on the economy, the costs it is creating and how these costs are distributed in space and time. It has also helped governments and institutions to react quickly.

Key points

• Key points:
• Spain was one of the first European countries to be hit by the pandemic, triggering consumption plummet by 60% at the end of March in comparison with the previous year.
• Growth didn't return to positive figures until early July. Since then, consumption has remained on positive ground, especially during the month of August, when average growth of over 6% was recorded.
• Consumer items in sectors offering non-essential goods and services—such as hospitality, leisure, entertainment and travel—have been the most heavily affected, given their highly social nature too.
• Looking beyond the Spanish borders, the consumption performance in Latin America has been similar to in Spain, the outbreak of the virus sparking similar slumps in consumption, followed by a slow recovery.
• In countries like the United States, however, consumption trends are quite different. The negative impact of COVID-19 has been significantly lower.

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