Swedbank’s card data see Baltic consumers nearing pre-crisis spending levels
- Since week12 – the start of the emergency situation in all the Baltics – card transactions in the Baltics have fallen by 15%. Card spending has fallen by 8% and cash withdrawal by 22% YoY, with the sharpest fall in Estonia, and a less pronounced drop in Latvia and Lithuania.
- Overall, in Q2 activity has been down by around a fifth in Estonia, by 13% in Latvia and by 10% in Lithuania.
- Data until June 8 shows that since the easing of restrictions started, transactions have been recovering – especially rapidly in Lithuania.
Card spending fell less and has recovered markedly faster than cash withdrawal, which is still 10-20% down YoY across the Baltics, possibly suggesting preferences switching to paying by card.
For more information about this report, please contact:
Liva Zorgenfreija, Chief Economist Latvia, firstname.lastname@example.org
Greta Ilekyte, Economist Lithuania, email@example.com
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