In the first half of 2018, the Argentinian economy was beginning to show signs of recovery, with a slight improvement in real wages, and most of the beauty and personal care categories registered growth in retail volume sales. However, the situation changed dramatically following an exchange rate crisis in the middle of the year.
In the face of the economic crisis, companies and the main hypermarket chains, beauty specialist retailers and drugstores/parapharmacies carried out a large number of promotions and discounts to try to soften the strong fall in sales in the second half of 2018. While in the first half of 2018, such offers were used during the weekends in a few chains, in the second half of the year, promotions and discounts were much more widespread.
Wholesale supermarkets, included within traditional grocery retailers, according to Euromonitor International definitions, have become one of the most important retail channels for consumers. Deodorants, hair care, oral care, and bath and shower are the main categories of beauty and personal care in which wholesale supermarkets have established a strong position.
Given the need to reduce spending on beauty and personal care in the face of falling real wages, consumers have focused on smaller packages than they usually buy. This trend was registered in products such as fragrances and toothpaste, in which consumers stayed loyal to their preferred brand, but purchased smaller sizes to reduce spending.
There are no sign of the economic crisis ending in the near future. According to industry sources, the economic crisis will last at least another year, so no recovery in sales of most beauty and personal care categories is likely until at least 2020.
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This industry report originates from Passport, our Beauty and Personal Care market research database.