Two surveys of business leaders in Argentina reveal that low consumer spending in the country and uncertainty about when the economy will recover are becoming a major concern for the sector.
One of the reports is the Business Climate Index (in Spanish, ICE), a survey that gauges business leaders’ perceptions of the business climate, the performance of their companies, and Argentina’s economic outlook.
A key finding is that nearly 42% believe that the level of demand is the main factor determining business growth. The report is produced by the Business Leaders Group (LIDE), an organization that brings together presidents, CEOs, and senior executives from the country’s leading national and international companies.
The Business Trends Survey, a quarterly analysis conducted by statistics institute INDEC among supermarkets and wholesale grocery stores, reached a similar conclusion.
According to just over 61% of those surveyed, low demand is the factor limiting their ability to increase business activity — a rise of more than 3% compared to the last survey published in April.
Consumption continues to drop
Data on consumer spending in Argentina show that the decline that began in early 2025 following the end of the credit boom and the onset of rising delinquency rates has yet to recover.
The Argentine Chamber of Medium-Sized Enterprises (CAME) published its retail sales index this week, a key indicator for gauging the health of small and medium-sized businesses.
Sales in July fell nearly 4% year-over-year and more than 2% compared to June. The decline for the first seven months of the year stands at 2.7%.
The Argentine Chamber of Commerce’s (CAC) Consumption Indicator also reflected a negative trend: it showed a 1% year-over-year decline in June, a 1.6% drop compared to May, and a 0.9% decline year-to-date in 2026.
Not all business owners, however, agree that consumption is on the decline.
The most prominent dissenter is Marcos Galperín, founder of Mercado Libre and a staunch supporter of the libertarian government, who questioned the representativeness of the CAME index.
“Someone should compare the volume of everything measured by CAME versus the volume transacted on Mercado Libre Argentina, which grew 38% in constant currency last quarter,” he tweeted.
Alguien debería comparar el volumen de todo lo que mide la CAME vs el volumen que transacciona Mercado Libre Argentina que crece 38% en moneda constante el último trimeste. Algo me dice que el volumen de Mercado Libre es mayor a todo lo que mide la CAME y nadie parece tenerlo en… https://t.co/lCZj7tZde7
— Marcos Galperin (@marcos_galperin) August 9, 2026
Private consultancy Scentia, for example, estimated that online purchases increased by 34.8% during the first half of 2026.
However, the same report noted that this growth was not enough to offset the broader weakness in consumption, which declined 2.9% year-to-date.
Employment is not recovering
The debate over lower consumption levels is linked to rising unemployment and the growth of informal jobs.
During the first quarter of 2024, unemployment reached 7.7%, up 0.8 percentage points from the same period a year earlier. The latest official figures from INDEC showed unemployment edging up to 7.8% in the first quarter of 2026.
At the same time, informal employment has continued to rise, reaching 44.2% of all workers during the first quarter of 2024 — the highest level since the fourth quarter of 2023, when the current methodology was introduced, according to consultancy Analytica.
Preliminary data for May show a similar trend. According to the latest Labor Indicators Survey (EIL) from the human capital ministry, registered private-sector employment in Argentina’s major cities fell 0.1% month-over-month and 1.1% year-over-year.
According to a recent survey by the public opinion research firm AtlasIntel, unemployment ranked as Argentina’s second-biggest problem (46.5%), trailing only corruption (47.7%).
