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Consumption with credit cards grew 23% in December, according to BBVA Research nndc | ECONOMY

Updated on 12/28/2020 07:43 pm

Card consumption in Peru grew 23% in December, compared to the same month in 2019, according to BBVA Research. In November it had grown 16.1%.

According to the report “Analysis of the impact of COVID-19 on consumption with real-time data”, the bank indicated that this increase occurs according to the progress of the economic resumption that the country maintains, as well as the higher level of purchases which are usually held for end-of-year parties.

The increase in the share of online purchases with cards is maintained and its dynamism has sustained the improvement in spending. Thus, the study indicates that purchases made through electronic channels were 2.5 times higher than those registered in the same period of the previous year.

On the other hand, expenses related to accommodation, tickets and excursions continue to improve although they have shown a decline in recent weeks, possibly due to greater caution in the face of the increase in COVID-19 infections.

According to the BBVA Research report, spending on goods and services used in the home maintains strong dynamism, continuing with the rate of recovery achieved months ago. Meanwhile, spending on services that have been lagging, such as transportation, restaurants and entertainment, continued to recover, in line with the improvement in the economy, while spending on department stores moderated.

On the other hand, the total amount of cash withdrawals is still below that observed the previous year, but the average amount handled by users is higher.

The relative improvement in private consumption in the fourth quarter reflected, among other things, the resumption of more productive activities, as well as the recovery of employment. The consumption indicator shows that, in this period, consumption would have continued to recover although it still remains at levels lower than those registered in the same period of the previous year.

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