Argentina | Real-time consumption monitoring (Sep 1, 2021)

Summary

Card spending is in positive ground in the last weeks of August, but without a clear trend. Spending on services continues to recover better than spending on goods, but both remain below pre-pandemic levels.

Key points

• Key points:
• In the August measures, consumption grew at an average of 1% YoY. Spending on services continues to recover better than spending on goods.
• Leading and essential items show signs of weakness, while those linked to recreation, leisure and non-essential goods remain erratic and only gain momentum for specific events.
• Fuel expenditures allow us to assign high probabilities of a further rebound in activity during July, but still below pre-COVID-19 measurements. The poor performance of the economy is reflected in supermarket consumption that barely reaches the pre-pandemic level.
• After the coronavirus shock, the shares in the consumption basket have stabilized again and show some new habits.

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