The Argentinean economy faced a problematic financial situation in the second half of 2018. This originated from the recent interest rate hikes by the US Federal Reserve, which strengthened the US dollar worldwide, and caused the Argentinean peso to drop against the dollar, due to investors’ concerns about the government’s ability to control inflation.
Tissue and hygiene faced a difficult time during the economic crisis, which was evidenced in a considerable volume decline of many tissue and hygiene categories. The purchasing power of low- and middle-income consumers reduced notably.
The tissue and hygiene market in Argentina is rather mature and relatively concentrated amongst five companies in retail value terms in 2018 – Kimberly-Clark Argentina Holdings, La Papelera del Plata (Empresas CMPC), Procter & Gamble Interamericas, Johnson & Johnson and Celulosa Campana. However, a few national companies are also important, such as Papelera Samseng and Papelera San Andres de Giles, which are focused on retail tissue and which also manufacture products for a variety of retail chains.
The economic recession had a strong impact in the last half of 2018, as depressed incomes and a higher unemployment rate provided the main stimulus for the ongoing development of private label. Moreover, due to lower confidence in the price discounts offered by modern retail channels, middle-income consumers switched their consumption from these channels to discounters and warehouse clubs.
The Macri government’s forecast is that the economic crisis will revert partially in 2019, with GDP set to decrease only marginally. The economy will begin to recover more strongly when the efficacy of the adjustment plan to reduce the fiscal deficit begins to be seen.
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This industry report originates from Passport, our Tissue and Hygiene market research database.