ThinkTWENTY20

BBVA is one of the largest banks in the world and is based in Spain. Recently the bank conducted a study using big data technology to track the impact of Covid-19 on Spanish consumption. The study revealed a 49% decline in consumer spending.The data showed a drop of greater than 90% in non-essential consumer spending, while spending on food increased by 20% as people stocked up for the lockdown, and skyrocketed by 95% before the Easter holiday.

 The data also showed that Madrid has been hardest hit economically by the coronavirus crisis, with a 70%.spending decline. 

“The study looked at anonymised and aggregated data from 1.4 billion card transactions since 2019, demonstrating dramatic changes in spending habits as the crisis took hold. The use of anonymous transaction data has helped BBVA develop a real-time picture of how Spain is reacting from both Covid-19 and the resulting economic interventions. The study is an excellent example of how useful transaction-level big data can be for offering quantifiable analysis of important, time-sensitive decisions – especially during a crisis.” (XBRL International)