Argentina | Real-time consumption monitoring (Jun 30, 2021)

Total consumption grew again in the YoY comparison, although the level of spending has not been able to recover in a sustained way. Our fuel expenditure indicator forecasts a YoY increase in activity, even though with a quarterly contraction.

Key points

• Key points:
• Total card consumption was driven by the evolution of spending on services rather than goods. However, the level of purchases barely managed to return to pre-pandemic levels at times.
• Clothing categories reacted to Father's Day purchases, while Restaurants grew as a result of the lifting of mobility restrictions. Tourism-related categories showed increases in view of the winter vacations.
• Official GDP data for 1Q21 supports the trend of our fuel consumption indicator. We forecast a YoY jump in 2Q21 although a retraction in the quarterly comparison.
• Last April's supermarket sales as measured by the INDEC confirm the behavior captured by our supermarket spending indicator, which hints at a YoY decline in May.
• ATM cash withdrawals maintained the trend of higher real amounts per withdrawal.

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