Published on Wednesday, June 2, 2021

Argentina | Real-time consumption monitoring (Jun 2, 2021)

The tightening of sanitary measures at the end of May decreased consumption to April 2020 levels, affecting categories related to mobility and "non-essential" activities. A significant improvement in the level of Argentina's spending on the path towards the new normality is not yet visible.

Key points

  • Key points:
  • May ended with a level of spending similar to the figures of April 2020, when the country was coming out of the collapse caused by the beginning of the strict lockdown.
  • According to the latest measurement, general consumption registered falls between 20% and 30% YoY, dragged down by a large contraction in spending on goods.
  • Official supermarket shopping data for last March confirm the behavior captured by our real-time spending indicator. We forecast a slight decline in the level of consumption in the coming months compared to the pre-pandemic situation.
  • Based on the real-time consumption measurement, BBVA Group countries show evidence of overcoming the coronavirus crisis. However, in Argentina there is still no clear signs that the improvement will be sustained in the medium term.


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