Argentine consumers remain concerned about the economy and taking care of their families during the COVID-19 crisis. These exhibits are based on survey data collected in Argentina from September 1–11, 2020. Check back for regular updates on Argentines’ consumer sentiments, behaviors, income, spending, and expectations.

1. McKinsey & Company 1
Pessimism has grown in Argentina, while uncertainty remains the
dominant sentiment
21% 23%
35%
54% 52%
45%
25% 25% 21%
Confidence in own country’s economic recovery after COVID-191
% of respondents
Unsure: The economy will be impacted
for 6–12 months or longer and will
stagnate or show slow growth thereafter
Pessimistic: COVID-19 will have lasting
impact on the economy and show
regression/fall into lengthy recession
Optimistic: The economy will rebound
within 2–3 months and grow just as strong
as or stronger than before COVID-19
1 Q: How is your overall confidence level in economic conditions after the COVID-19 situation? Rated from 1 “very optimistic” to 6 “very pessimistic”; figures may not sum to 100% because of rounding.
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007; 4/29–5/3/2020, n = 1,014; 4/7–4/12/2020, n = 1,014, sampled and weighted to match Argentina’s general
population 18+ years
Apr 7–13
Argentina
May 1–4 Sep 1–11

2. McKinsey & Company 2
Consumers remain careful about spending, with most consumers
delaying purchases and cutting back
Overall sentiment in the general population in Argentina1
% of respondents
1 Q: Please indicate how strongly you agree or disagree with each of the following statements. Please select only one response for each statement; figures may not sum to 100% because of rounding.
2 Measures difference in “strongly agree / agree” between current and last pulse survey.
47%
25%
21%
16%
15%
27%
39%
36%
38%
36%
37%
33%
29%
26%
36%
43%
46%
49%
57%
60%
67%
7%
6%
3%
Strongly disagree / disagree Somewhat disagree / agree Strongly agree / agree
Strongly agree/
agree difference
since last survey2
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007; 4/29–5/3/2020, n = 1,014, sampled and weighted to match Argentina’s general population 18+ years
I have been personally affected by the coronavirus or COVID-19
I am very concerned about losing my job
My ability to work has been reduced by coronavirus or COVID-19
My ability to make financial ends meet has been negatively impacted
by coronavirus or COVID-19
My income has been negatively impacted by coronavirus or COVID-19
Uncertainty about the economy is preventing me from making
purchases or investments that I would otherwise make
Given the economy and my personal finances,
I have to be very careful how I spend my money
I am cutting back on my spending
-1
-12
-15
-12
-9
-3
-7
-11

3. McKinsey & Company 3
Household income1,2
% of respondents
Reduce slightly / reduce a lot About the same Increase slightly / increase a lot
Past 2 weeks Past 2 weeks
4% 6%
24%
51%
72%
43%
10%
57%
33%
Next 2 weeks
1 Q: How has the COVID-19 situation affected your (family’s) overall available income, spending, and savings in the past two weeks? Figures may not sum to 100% because of rounding.
2 Q: How do you think your overall available income, spending, and savings may change in the next two weeks? Figures may not sum to 100% because of rounding.
While consumers see more stabilization in their personal finances
compared to May, most experienced reduction in income and savings
Household spending1,2
% of respondents
44%
36%
29%
22%
42%
28%
Past 2 weeks Past 2 weeks
35%
46%
19%
Next 2 weeks
May 1–4 September 1–11 May 1–4 September 1–11
Household savings1,2
% of respondents
54%
77%
Past 2 weeks
9%
67%
15%
11%
22%
Past 2 weeks
10%
36%
Next 2 weeks
May 1–4 September 1–11
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007; 4/29–5/3/2020, n = 1,014, sampled and weighted to match Argentina’s general population 18+ years

4. McKinsey & Company 4
Purchase intent remains negative across most categories, except for
groceries, household supplies, personal-care, and home entertainment
8
29
24
29
33
44
48
78
47
62
54
18
8
10
35
59
20
8
13
18
11
9
10
11
6
8
16
18
13
9
11
2
Groceries
Snacks
Non-food child products
Tobacco products
Food takeout & delivery
Quick-service restaurant
Alcohol
Restaurant
Footwear
Apparel
Personal-care products
Jewelry
Accessories
Household supplies
Skin care & makeup
Furnishings & appliances
Expected spending per category over the next two weeks compared to usual1
% of respondents
Decrease Stay the same Increase
9
40
54
64
29
36
39
28
50
46
55
57
69
58
70
71
19
10
10
9
9
15
8
15
14
11
8
14
9
9
6
5
Entertainment at home
Out-of-home entertainment
Hotel/resort stays
Books/magazines/newspapers
Fitness & wellness
Consumer electronics
Pet-care services
Personal-care services
International flights
Gasoline
Vehicle purchases
Cruises
Short-term home rentals
Travel by car
Adventures & tours
Domestic flights
Net intent2
1 Q: Over the next two weeks, do you expect that you will spend more, about the same, or less money on these categories than usual? Figures may not sum to 100% because of rounding.
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease spending from the % of respondents stating they expect to increase spending.
+10
-30
-45
-55
-20
-20
-31
-13
-36
-35
-47
-43
-59
-49
-64
-65
Net intent2
+12
-2
+10
-48
-21
-11
-11
-22
-35
-38
-76
-36
-56
-46
+3
-26
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007, sampled and weighted to match Argentina’s general population 18+ years

5. McKinsey & Company 5
Argentines are shifting purchases online within the entertainment,
consumer electronics, and food takeout and delivery categories
1 Q: Over the next two weeks, where do you expect you’ll buy these categories? Tell us if you will shop in the following places more, about the same, or less in the next two weeks; please note, if you don’t buy
in one of these places today and won’t in next two weeks, please select “N/A.”
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease shopping frequency from the % of respondents stating they expect to increase shopping frequency.
Expected change in shopping channel per category over the next two weeks1
Axes show net intent,2 bubble size relative to share of respondents that have purchased category in last six months
40
-70
-15
-60
-30 -20 -5-35
-50
-25
-10
-10
-40
-20
0
10
0
20
5 10 15 20
-30
25 30 35
Non-food child products
(e.g., diapers)
Apparel
Entertainment
at home (e.g., Netflix)
Household supplies
(e.g., cleaning, laundry) Groceries
Food takeout & delivery
SnacksAlcohol
Furnishings &
appliances
Personal-care products
(e.g., soap, shampoo)
Fitness &
wellness
Accessories
Jewelry
Footwear Consumer
electronics
Books/
magazines/
newspapers
Tobacco
Skin care & makeup
Household essentials
Discretionary
Entertainment at home
In-store
Online
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007, sampled and weighted to match Argentina’s general population 18+ years

6. McKinsey & Company 6
Argentine consumers expect to spend more time on work, social
media, and content consumption
10%
12%
14%
12%
10%
19%
31%
32%
29%
37%
29%
51%
52%
56%
58%
62%
58%
46%
47%
50%
42%
54%
38%
35%
30%
29%
27%
23%
23%
21%
21%
20%
17%
Movies or shows
Video content
Social media
Online shopping for non-food purchases
Online shopping for groceries
Working
Reading news online
Texting, chatting, messaging
Reading for personal interest
Video games
Live news
Decrease Stay the same IncreaseExpected change to time allocation over the next two weeks1
% of respondents
1 Q: Over the next two weeks, how much time do you expect to spend on these activities compared to how much time you normally spend on them? Figures may not sum to 100% because of rounding.
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease time spent from the % of respondents stating they expect to increase time spent.
Net intent2
+28
+23
+15
+17
+17
+3
-9
-9
-11
-17
-12-25
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007, sampled and weighted to match Argentina’s general population 18+ years

7. McKinsey & Company 7
Have you used or done any of the following since COVID-19 started1
% of respondents
1 Q: Have you used or done any of the following since the COVID-19 situation started? If yes, Q: Which best describes when you have done or used each of these items? Possible answers: “just started using since COVID-19 started”;
“using more since COVID-19 started”; “using about the same since COVID-19 started”; “using less since COVID-19 started.”
Argentines have intensified online streaming, and more have
adopted video chatting and videoconferencing
47%
35%
27%
28%
15%
11%
6%
24%
14%
12%
26%
22%
7%
5%
23%
21%
20%
13%
7%
10%
7%
4%
14%
6%
6%
2%
Online streaming
Online fitness
Watching e-sports
Tiktok
Wellness app
Telemedicine: physical or mental
Restaurant delivery
Playing online games
Grocery delivery
Meal-kit delivery
Remote learning: my children or myself
Video chat: personal
Videoconferencing: professional
Not using Using less / the same Just started usingUsing more
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007, sampled and weighted to match Argentina’s general population 18+ years

8. McKinsey & Company 8
Argentine consumers are most concerned about the country’s
economy
79%
75%
74%
72%
70%
69%
55%
53%
50%
49%
44%
41%
39%
38%
36%
Not being able to make ends meet
Not knowing how long it will last
The Argentine economy
Taking care of my family
Negative impact on my job or income
Contributing to spread of virus
Overall public health
Safety of me or my family
Health of my vulnerable relatives
Negative impact on my business
My personal health
My mental health
Impact on upcoming events
Not being able to get the supplies I need
Impact on upcoming travel plans
1 Q: What concerns you most about the COVID-19 situation? Possible answers: “not a concern”; “minimally concerned”; “somewhat concerned”; “very concerned”; “extremely concerned.”
Largest concerns of the Argentina’s population related to COVID-191
% of respondents who are very concerned or extremely concerned
Very concerned /
extremely concerned
79%
of Argentines are
very/extremely concerned
about the Argentine
economy
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007, sampled and weighted to match Argentina’s general population 18+ years

9. McKinsey & Company 9
Most Argentine consumers expect COVID-19’s impact on routines
and finances to persist beyond another two months
5%
18%
38%
0–1 month
17%
22%
2–3 months
4–6 months
7–12 months
More than one year
10%
10%
28%
22%
25%
7–12 months
4–6 months
4%
2–3 months
No impact
0–1 month
More than one year
Adjustments to routines1
% of respondents
Impact on personal/household finances2
% of respondents
~95%
believe it will take
2+ months before
routines can return to
normal, up from 92%
in the last pulse
survey
~86%
believe their finances
will be impacted for
2+ months by the
COVID-19 situation,
down from 88% in the
last pulse survey
1 Q: How long do you believe you need to adjust your routines, given the current COVID-19 situation, before things return back to normal in Argentina (e.g., government lifts restrictions on events/travel)? Figures may not
sum to 100% because of rounding.
2 Q: How long do you believe your personal/household finances will be impacted by the COVID-19 situation? Figures may not sum to 100% because of rounding.
Source: McKinsey & Company COVID-19 Argentina Consumer Pulse Survey 9/1–9/11/2020, n = 1,007; 4/29–5/3/2020, n = 1,014, sampled and weighted to match Argentina’s general population 18+ years

10. McKinsey & Company 10
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based on information currently available and do not contain all of the
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