Spain | Effects of COVID-19 crisis on consumption through bank card operations
Published on Wednesday, April 15, 2020
Spain | Effects of COVID-19 crisis on consumption through bank card operations
Summary
This publication details the evolution of purchases made with BBVA’s credit and debit cards, as well as those recorded in BBVA's point of sale (POS) terminals. Since March 20th, the fall in weekly card spending has stabilized at around -60% YoY, despite the upturn in food purchases to 65% YoY.
Key points
- Key points:
- This crisis has an outstanding impact on consumption in Spain
- Purchases of residents in Spain (more than 90% of the total) decrease by around -60% YoY, but those of foreign residents decline by around -97%
Geographies
- Geography Tags
- Spain
Topics
- Topic Tags
- Consumption
Authors
Vasco M. Carvalho
University of Cambridge - External partner
José V. Rodríguez Mora
CUNEF - External partner
Juan Ramón García
BBVA Research - Principal Economist
Stephen Hansen
University College London - External partner
Alvaro Ortiz
BBVA Research - Head of Analysis with Big Data
Tomasa Rodrigo
BBVA Research - Lead Economist
Pep Ruiz
BBVA Research - Principal Economist