21 Mar Vizzuality and BBVA are taking Big Data to the next level in the economic sphere
Vizzuality, a technology company, has partnered with BBVA on a project studying Big Data that allows us to visualize information based on geological location. By using Big Data, Vizzuality has created a “digital fingerprint”, that shows the spending habits of tourists in Spain during the summer months. This company used 5.4 million credit card transactions to show where there is the most tourist attraction in Spain during the summer, and how these tourists choose to spend their money.
Vizzuality used this information to create a map that highlights the most popular regions in Spain for consumers. We can see the map and results here:
With this map, we can learn about consumer preferences, and can use these patterns to predict and best identify the movement of consumers. We can see that the most popular regions during the summer months for tourists are Barcelona, Madrid, San Sebastian, Alicante, Cartagena, y Malaga. All of these regions are home to beautiful beaches, and therefore it is no surprise that toursists flock to these places during the summer. Moreover, not only tourists come to Spain during the summer; for example, many northern Spaniards also come to the south during the summer to enjoy the beaches and go on vacation.
This information is very useful for trade and business, and can help to stimulate the economy. For example, we already know that Malaga rakes in a lot of cash during the summer, so now all we need to learn is what type of product is a consumer favorite, and then produce more of it. In this way, we will have much more effective production, and Malaga, for example, can earn more money and create more job opportunities. Thus, Spain has the ability to develop a much more advanced and effective economy by reaping the benefits of Big Data.