Spain | Impact of COVID-19 on consumption in real time and high frequency: 16 July

Summary

Weekly card spending increased by 1% year-on-year between July 6 and 12, driven by purchases with Spanish cards (7%). Foreign card transactions, which accounted for just 4% of spending, slowed their decline to -58%.

Key points

• Key points:
• Purchases with Spanish cards increased in 49 provinces. The growth, which gained traction in 9 out of 10 during the week of July 6-12, exceeded 25% in Teruel, Avila, Ceuta, Navarra and Cáceres. Spending only fell in the Balearic Islands, Madrid and Lugo.
• The recovery of weekly purchases with foreign cards continued to advance in the provinces bordering France, except in Navarre. However, Barcelona, Madrid, Alicante and Malaga, which concentrate half of the purchases with foreign cards, recorded falls of more than -50% year-on-year.
• The composition of the consumption basket with Spanish cards is back to normal, but that of foreign cards still shows the consequences of the health crisis: food and other services become relevant at the expense of accommodation, transport and fashion.
• Unlike those in person, Internet purchases fell by 15% year-on-year between 6 and 12 July. The prolonged decline in demand for travel, accommodation and transport, which accounted for 61% of internet purchases a year ago, explains the reduction in internet spending.
• Cash withdrawals worsened their decline to -11% year-on-year last week, widening the differential between withdrawal growth and purchase growth to 2 points.

Geographies

Topics

Tags