Argentina | Real-time consumption monitoring (Aug 5, 2021)

Summary

Spending grew 6.9% MoM in real terms in July. However, it is still 5.7% below Jul-19 levels and 5.3% below Jul-20. The negative variation vs 2020 is mainly explained by the Hot Sale that took place that month. The winter holiday balance was not negative even though it remained below the 2019 one.

Key points

• Key points:
• July’s data maintained the previous month's trend: expenses in services (7.1% YoY) had a better performance than goods consumption (-9.2% YoY).Supermarket sales showed no YoY growth in real terms vs pre pandemic levels.
• With the complete data for July, we observe a stabilization of the level of Supermarket purchases close to those surveyed before the beginning of the pandemic, with no y-o-y growth in real terms.
• The pandemic brought changes in habits. There was an increase in purchases and withdrawals at ATMs made between Tuesday and Thursday to the detriment of the rest of the week and a greater preference for the use of debit card as a means of payment compared to credit card.
• As global mobility restrictions are being relaxed in recent months, services consumption accelerates the recovery more than the consumption of goods.

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