Spain | Impact of COVID-19 on consumption in real time and high frequency in may-21

Summary

The end of the state of alarm prompted the recovery of spending with BBVA credit and debit cards or at BBVA POS terminals in May, which were 19% higher than those made in the same period of 2019 (13% in April).

Key points

• Key points:
• The disappearance of mobility restrictions favored face-to-face spending, especially with Spanish cards (15% compared to May-19). Foreign card transactions continued to decline, but at a slower pace.
• Card consumption was higher than in May-19 in all sectors, except large stores, transport, beauty, fashion, accommodation and travel. The rise in spending on restaurants (27% above the level of May-19) and leisure (20%), and the change in trend in the activities most favored by the increase in mobility (travel, accommodation and transport) stood out.
• The decline in restrictions drove travel, particularly from large urban areas, which benefited neighboring provinces or traditional second-home destinations, such as Ávila, Teruel, Segovia, Zamora and Girona.
• On the contrary, the metropolitan areas of origin, such as A Coruña, Barcelona, ​​Valencia, Madrid and Araba, which started from a better position due to captive consumption, experienced a lower recovery in spending.
• Unlike purchases, card cash withdrawals were 6 points below the pre-crisis figures. The weight of refunds fell to 23%, 4 points less than in May-19.

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