Consumer Spending Observer in the Baltics
2nd wave of COVID-19 – bad, but better than last spring
  • The dire epidemiological situation in Baltics and ensuing restrictions caused a steep fall in card spending at the start of 2021. However, the fall overall is less pronounced than in spring. Total transactions are down 10% in Lithuania and Estonia, and dropped 15% in Latvia.
  • Cash out continues to underperform. Since the start of the year cash out is 18% below 2020 levels in Estonia, 19% in Lithuania and 21% in Latvia. While card payments are up by 1% in Lithuania, and down 6% and 9% in Estonia and Latvia respectively.
  • Spending on non-food items was deeply negative, with Latvia and Lithuania seeing a steep fall in early January. Consumers and businesses are adapting to (and circumventing) restrictions so there is an upward move since the trough. Despite less severe measures, Estonian spending on non-food products is similarly impacted as that in other Baltic states.

PDF-Document Read the full analysis here

For more information about this report, please contact:

Liva Zorgenfreija, Chief Economist Latvia, liva.zorgenfreija@swedbank.lv

Greta Ilekyte, Economist Lithuania, greta.ilekyte@swedbank.lt

Laura Orleane, Economist Latvia laura.orleane@swedbank.lv

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