05 March, 2024

Argentina: Beverage sector one of the most affected by loss of purchasing power

So far this year, the beverage sector is one of the most affected by the loss of purchasing power of the Argentine currency and the general drop in consumption, FreshlyBottled.com reported.

The Center of Storekeepers and Retailers of the Province of Córdoba has stated that the decrease in the consumption of alcohol-based products mainly affects businesses.

According to a report from the entity's Department of Statistics and Trends, in February a notable decrease was noted in the volume of sales of alcoholic beverages in warehouses, self-service stores and wine bars. Compared to the same month of the previous year, the drop is 35 percent.

The favorite drink of the people of Córdoba, such as the top brand Fernet, suffered a decrease in sales of 53 percent. For their part, white drinks, which include vodka, gin, whiskey, among others, also experienced a notable reduction in demand of 62 percent. In addition, fine wines showed a drop of 27 percent, while wines in their tetra brik format sold 42 percent less.

Meanwhile, sales of beer and soft drinks were also affected, with a drop of 46 percent and 48 percent respectively. One of the reasons that explains this contraction in consumption is the sharp increase in prices due to inflation.

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