In 2018 and for the third year in a row, apparel and footwear sales recorded a strong contraction in retail volume sales. Argentina is going through a severe economic recession and the purchasing power of consumers drastically decreased in 2018, together with a significant increase in unemployment.
During 2016 and 2017 there was a boom of Argentinians traveling abroad, especially to Santiago de Chile and Miami, to buy apparel and footwear. The exchange rate was very attractive to travel and with prices in dollars relatively low, many Argentinians took advantage of vacations abroad to purchase a large number of products, mainly apparel and footwear.
Since the beginning of 2016, before the elimination of obstacles to imports, many companies decided to stop producing apparel and footwear in the country and import merchandise from other countries where production costs are cheaper. In addition, at least until mid-2018, the exchange rate clearly favoured the importation of apparel and footwear.
Internet retailing not only saw the fastest retail value growth in 2018 but also has the best outlook in the forecast period. Argentinians perceive a large number of advantages when buying online, such as convenience, easy ability to compare prices and discounts that in many cases are better than in physical stores.
Over the forecast period, a recovery in apparel and footwear sales is expected, reversing the poor performance seen the latter part of the review period. In general, a better economic context is expected to boost employment and the recovery of real wages, key factors for the growth of apparel and footwear sales.
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Discover the latest market trends and uncover sources of future market growth for the Apparel and Footwear industry in Argentina with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Clothing and Footwear market research database.