In January, Argentina's consumer market experienced a mixed start, as supermarkets and shopping malls reported a decline in sales while wholesale channels indicated some recovery. According to the National Institute of Statistics and Censuses (Indec), the total sales index in supermarkets recorded a 1.2% year-on-year decrease and a 1.5% drop compared to December. This trend was also reflected in a slight negative change in the cycle trend series, which fell by 0.1% from the previous month.

Despite the downturn in supermarket sales, in nominal terms, the revenue from the Supermarkets Survey reached approximately 2.34 trillion pesos, marking a 25.1% increase compared to January 2022. The sectors that saw the most substantial growth included meat sales, which surged by 49.4%, as well as vegetables and fruits at 38.3%, and prepared foods and rotisserie items at 32%. This indicates a shift in purchasing habits, potentially influenced by factors such as inflation and changing consumer preferences.

The contrasting results between retail and wholesale sectors highlight the challenges that consumers face in Argentina's economic landscape. The increase in wholesale sales could suggest that businesses and consumers are looking for alternatives to traditional retail due to economic pressures. This situation may urge policymakers and businesses alike to reassess strategies to adapt to changing consumption patterns while addressing the underlying economic factors contributing to these fluctuations.