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Rise in Credit Card Purchases Fuels Supermarkets and Wholesalers’ Growth in Argentina

BUENOS AIRES, 25 (NA). – Consumption in supermarkets grew by 3.8% year-on-year in March and in self-service wholesalers by 0.1%, with an increase in the financing of purchases by credit card amounts that averaged 115%, reported INDEC.
The lack of cash and the drop in purchasing power caused consumers to resort mainly to purchases financed with credit cards in these two mega-malls, which concentrate a large part of their sales in food.
In supermarkets, credit card sales increased 115.8% year-on-year and in wholesalers by 113.6%.
In the shopping centers or malls, which concentrate their sales on footwear, clothing and electronic items, volume sales grew 6.9% compared to March of the previous year.
Consumption in supermarkets registers a cumulative increase in the first quarter of 1.9%, while in the wholesale sector they rise by 1.4% and in shopping centers the rise reaches 12.4%.
In the seasonally adjusted comparison with last February, the consumption indicator showed an increase of 1.3% in supermarkets in March and a fall of 0.4% in wholesale self-services.
The trend-cycle series index registered a positive variation of 0.2% in March compared to the previous month and in supermarkets of 0.3% in the same measurement.

2023-05-25 09:03:59
#Increase #consumption #due #credit #cards

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