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Consumption patterns stabilized across the globe in June - BBVA

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Daily data show that consumption continued stabilizing in the analyzed countries, with higher base effect corrections in Spain, Turkey and Peru. In year-on-year terms, consumption in Spain grew 32 percent in June compared to 69 percent in May; in Turkey, 47 percent versus 57 percent; and in Peru 76 percent compared to 146 percent the previous month. Peru continued posting the highest year-on-year growth rate.

Strong recovery rates in restaurant expenditure

By sectors, mobility-related sectors showed different recovery rates in the countries comprising the subject matter of the study, with the catering and restaurant sector standing clearly above the rest. In fact, restaurant expenditures closed at levels above 2019 figures in Spain, Turkey, Mexico, Colombia and Peru.

For its part, in Turkey, in addition to Mexico and Peru spending in the hotel industry exceeded pre-pandemic levels. There is still room for improvement in this sector in the cases of Spain, Colombia and Argentina.

Entertainment continued lagging in all countries, except Spain and Turkey. As for transport-related spending, in Peru it closed at levels above those observed in 2019, while in Spain, Turkey and Mexico it had almost recovered to pre-COVID highs.

Finally, in year-on-year terms, the gap between online commerce and physical purchases narrowed in June taking into account the base effect of the preceding year. However, the trend in the use of electronic commerce remains positive and significant across all countries.

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Consumption patterns stabilized across the globe in June - BBVA
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