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The road to economic recovery: the evolution of COVID-19´s impact on consumption

In spring 2020, BBVA Research began to analyze the COVID-19 impact on consumption in its geographies thanks to the use of big data technologies. The aggregated and anonymized transactional data of the millions of transactions carried out with BBVA cards or registered in BBVA´s point of sales terminals are a very useful tool for monitoring the economic evolution of the different countries where the bank operates.

Total card consumption by country

Users can adapt BBVA Research's interactive graphics (which are optimized for PC desktop viewing) as follows:

In the graphs, you can choose the elements you want to analyze: country, sector of the economy, shopping channel (physical, online, ATMs, ...), etc. By clicking on each of the countries in the legends it allows you to hide or display them.

Within each graph, in the upper right menu, you can (from right to left): compare all the data for a specific time period or view them individually by series, place the values ​​per axis of each series at any time time, reset axes, return to the entire graph from an interval, reduce or increase by zooming, move the graph, zoom in at a certain time interval (activating the magnifying glass, then clicking on an area of ​​the graph and dragging the cursor to select the interval) or download the graph in image format.

The following is a month by month compilation of content that shows the economic recovery in Spain and the world:

JULY 8, 2021

Consumption patterns stabilized across the globe in June

Consumption continued growing at strong rates in June, despite the correction of most of the base effect in year-on-year terms. Mobility-dependent sectors continued recovering unevenly on a per country basis, but rates remained particularly strong in the restaurant and catering industry.

JULY 8, 2021

Card purchases in June were 28 percent higher than those registered in the same period in 2019

Transactions grew by 19 percent y-o-y through face-to-face channels and 69 percent in non-face-to-face channels. The increase in mobility saw a boost in spending, especially in consumer sectors such as hospitality and leisure, and in those that involve travel, such as transport.

JUNE 22, 2021

Tomasa Rodrigo: “Real-time measurement of economic activity is a necessity in these times”

BBVA Research’s Tomasa Rodrigo has participated in the traditional summer course at Menéndez Pelayo International University (Santander) organized by the Spanish Association of Economic Information Journalists (APIE), with BBVA’s collaboration and sponsorship. Rodrigo has explained how the aggregated and anonymized data of purchases made with BBVA cards are a very illustrative example of the advantages offered by big data’s usage to monitor consumption with great precision and high frequency.

JUNE 7, 2021

The fact that national car spending was 19 percent higher than spending observed in 2019 in the same period

Shows how card spending in May exceeded May 2019 levels by 19 percent (+ 36 percent year-to-year rate, that is, compared to May 2020). Restaurants and entertainment experienced the greatest recovery marked by the effects of the end of the state of alarm.