Definition
Private Consumption represents household spending on goods and services and constitutes the main component of aggregate demand in the Argentine economy.
Its evolution reflects the dynamics of real income, employment, credit, and consumer confidence, and is particularly sensitive to inflation, financial conditions, and business cycles.
Analysis
Between 2015 and 2017, private consumption remained at relatively stable levels, with a mild expansion associated with the initial recovery of economic activity and real income.
Starting in 2018, a contractionary phase began, deepened in 2019 by accelerating inflation and a decline in purchasing power. In 2020, the impact of the pandemic led to a sharp decline, particularly visible in the second quarter.
Between 2021 and 2022, a partial recovery is observed, supported by the economic rebound, although constrained by persistent inflation. In 2023 and early 2024, consumption weakened again, while in 2025 a gradual recovery emerges, consistent with an improvement in the economic cycle and a normalization of private spending.