BBVA says information from its bank cards along with the expenditure of other clients via its dataphones, shows that in the week of June 22-28, spending with Spanish cards grew in every province except the Balearic Islands, Huelva, Madrid and Castellón.
The Balearic Islands also had the biggest decline in card spending in June with a year-on-year fall of 20%.
The lack of tourism can’t be directly attributed to the drop in spending because cards issued abroad are not included, but foreign spending has a direct impact on Balearic residents, who are financially dependent on tourism.
Traders and Restaurateurs, who opened their doors on May 11, say they’ve noticed a lack of domestic consumption and that bringing the summer sales forward made little or no difference.
Employment
Concern over an uncertain future has caused a contraction of consumption amongst Balearic residents, as unemployment increases and a high percentage of workers are affected by ERTEs.
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