Argentina | BBVA Research Big Data Consumption Indicator (Oct 28, 2021)

Summary

The level of consumption continues to show a lackluster performance so far in October, driven mainly by spending on services. The categories maintain the dynamism of previous weeks. Our real-time indicator continues to show signs of changing habits regarding overall consumption and the use of debit and credit cards.

Key points

• Key points:
• The average real growth rate of total consumption in the first 21 days of October was 0.5% YoY. Spending on services keeps its upward momentum as opposed to spending on goods, whose average variation is negative.
• Tourism-related categories continue to stand out above the rest. Fashion, Technology and Sports and Toys capture the one-off effect of Mother's Day purchases.
• The actual amount of consumption improved in the last measurement and equals those of 2019 and 2020, accompanied by a greater use of cards. The trend of making fewer ATM withdrawals for higher amounts continues.
• INDEC released data on supermarket purchases for August, in line with the trend captured by our real-time consumption indicator. We expect a slight improvement in September.

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