Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Argentina.

1. A u g u s t 2 0 2 0
Argentina’s
Consumer Pulse

2. 2200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

3. 3200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

4. 4200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Un mes atrás… Hoy…
¿Cómo se están sintiendo los Argentinos?
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558)

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People are following government recommendations of social
distancing similarly to last month
Working out of home has decreased in AMBA but increased in
the rest of the country during July
+95% respondents are complying with safety measures; lockdown seems to have
slightly strengthened in AMBA and lessened in the rest of the country
Note: AMBA includes Ciudad Autónoma de Buenos Aires and Provincia de Buenos Aires
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
C O N S U M E R S E N T I M E N T
JuneMay July JuneMay July

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Argentine consumer expectations on the duration of the pandemic have increased,
while the expected financial impact has slightly reduced
Consumers’ expectations on extra duration for the pandemic
restrictions have increased in July
So far, expectations on the financial impact of the pandemic are
worse than actual impact
Real
impact
Expected impact
77%
68%
C O N S U M E R S E N T I M E N T
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)

7. 7200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Most consumers expect to be economically hindered due to COVID, specially in low
income groups
Note: Question: How much do you expect Coronavirus will impact your household income? | Low income considers households with total income lower than AR$40,000 per month; Mid income considers households with total income AR$40,000 – 150,000;
High income considers households with total income higher than AR$150,000; Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Expected financial impact
Percentage of respondents (%)
Expected financial impact by income level
Percentage of respondents (%)
C O N S U M E R S E N T I M E N T
Low income Mid income High income

8. 8200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

9. 9200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
As in June, routines keep on being affected by COVID: consumers are still spending
more time on digital entertainment and less time working
Activities:
Pre-Covid
June
Hour spent per day
breakdown
Indoor exercise replaced outdoor and gym
as people are cautious and many facilities
remain closed
Indoor
entertainment
Mahjong, spend
time with family
Digital
entertainment
On mobile, laptop,
TV and gaming
devices
Daily necessity
Sleep, eat,
personal hygiene
etc.
Work and study
Meetings, learning,
finish work tasks
along or
collaboration
Outdoor
activities
Exercise, jogging,
social gathering
Indoor exercise
Yoga, push ups
Transport
Public or own
transportation
Change in time
(July/ Pre-Covid
in minutes)
+67 -41 +57 +18 +13 -63
Note: May/June survey results adjusted to be comparable with pre-covid results from April’s survey
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
May
-67
T I M E A L L O C A T I O N
April
July

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First attempts since the epidemic started (% of respondents) Likely to keep habit
Very likely to keep habitT I M E A L L O C A T I O N
% July% June% May
Large numbers of consumers keep trying new activities and expect to maintain them
as new habits
Try online banking
38%
Try online banking
40%36% 41%
Pay for online
entertainment
33%
Pay for online
entertainment
36%34% 35%
Work from home
softwares
32%
Work from home
softwares
31%31% 33%
Online education
courses
34%
Online education
courses
30% 32%
Watch live broadcast
through mobile
39%
Watch live broadcast
through mobile
29%36% 31%
Social e-commerce/
Community groups
15%
Social e-commerce/
Community groups
25%23% 25%
Order a meal through
an app
17%
Order a meal through
an app
27%21% 25%
Online medical
consultation
Online medical
consultation
22%19% 20%
Buy groceries online
13%
Buy groceries
online
16%12% 13%
Buy indoor fitness
equipment
5%
Buy indoor fitness
equipment
11%7% 9%
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
33%
Less likely to
keep habit

11. 12200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Try online bankingTry online banking
Pay for online
entertainment
Pay for online
entertainment
Work from home
softwares
Work from home
softwares
Online education
courses
Online education
courses
Watch live broadcast
through mobile
Watch live broadcast
through mobile
Social e-commerce/
Community groups
Social e-commerce/
Community groups
Order a meal through
an app
Order a meal through
an app
Online medical
consultation
Online medical
consultation Buy groceries online
Buy groceries
online
Buy indoor fitness
equipment
Buy indoor fitness
equipment
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Large numbers of consumers keep trying new activities and expect to maintain them
as new habits
First attempts since the epidemic started (% of respondents)
T I M E A L L O C A T I O N A G E
18-34 33% 35% 39%
35-54 35% 41% 39%
+55 38% 50% 42%
18-34 39% 41% 41%
35-54 33% 33% 34%
+55 27% 29% 31%
18-34 34% 35% 34%
35-54 30% 35% 34%
+55 29% 27% 22%
18-34 34% 37% 40%
35-54 30% 32% 33%
+55 29% 25% 23%
18-34 40% 35% 32%
35-54 30% 26% 30%
+55 38% 32% 22%
18-34 25% 28% 29%
35-54 25% 24% 24%
+55 29% 23% 21%
18-34 27% 29% 34%
35-54 19% 23% 24%
+55 16% 23% 19%
18-34 18% 19% 21%
35-54 17% 19% 23%
+55 24% 23% 22%
18-34 15% 16% 18%
35-54 12% 13% 18%
+55 8% 10% 11%
18-34 10% 13% 15%
35-54 6% 8% 11%
+55 3% 5% 5%
38%40%36% 41% 33%36%34% 35% 32%31%31% 33% 33%30% 32% 29%36% 31%
15%25%23% 25% 17%27%21% 25% 22%19% 20% 13%16%12% 13% 5%11%7% 9%
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit

12. 13200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Large numbers of consumers keep trying new activities and expect to maintain them
as new habits
First attempts since the epidemic started (% of respondents)
T I M E A L L O C A T I O N I N C O M E
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Try online bankingTry online banking
Pay for online
entertainment
Pay for online
entertainment
Work from home
softwares
Work from home
softwares
Online education
courses
Online education
courses
Watch live broadcast
through mobile
Watch live broadcast
through mobile
Social e-commerce/
Community groups
Social e-commerce/
Community groups
Order a meal through
an app
Order a meal through
an app
Online medical
consultation
Online medical
consultation Buy groceries online
Buy groceries
online
Buy indoor fitness
equipment
Buy indoor fitness
equipment
Low 34% 45% 41%
Mid 41% 28% 39%
High 31% 28% 35%
Low 32% 38% 36%
Mid 38% 24% 35%
High 30% 25% 34%
Low 25% 27% 24%
Mid 39% 27% 36%
High 50% 44% 40%
Low 27% 31% 28%
Mid 35% 24% 38%
High 32% 38% 31%
Low 37% 34% 31%
Mid 34% 20% 27%
High 37% 23% 26%
Low 24% 25% 27%
Mid 24% 19% 24%
High 12% 18% 25%
Low 19% 25% 25%
Mid 26% 18% 28%
High 25% 28% 30%
Low 18% 16% 18%
Mid 22% 15% 24%
High 16% 35% 31%
Low 8% 8% 11%
Mid 18% 13% 18%
High 29% 25% 30%
Low 4% 6% 8%
Mid 10% 8% 13%
High 15% 17% 14%
38%40%36% 41% 33%36%34% 35% 32%31%31% 33% 33%30% 32% 29%36% 31%
15%25%23% 25% 17%27%21% 25% 22%19% 20% 13%16%12% 13% 5%11%7% 9%
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit

13. 14200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Platform usages are up across the board: Whatsapp, Netflix and Zoom show the
largest increase
Percentage of respondents using more (%)
Change in platform use during July
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Media contentSocial media Communication platforms
T I M E A L L O C A T I O N

14. 15200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

15. 16200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Reference to have a better understanding on the next slides
“Net percentage spending more” Time reference Future expectations
Q: “How did your spending change in [product/service X]
since the pandemic began?”
Respondents change in spending
(%, change/ total respondents)
% respondents
spending somewhat
or significantly
more than before
% respondents
spending about the
same than before
% respondents
spending somewhat
or significantly less
than before
Net %
spending more
(NSM)
=
% respondents
spending somewhat
or significantly more
than before
% respondents
spending somewhat
or significantly less
than before
-
Net % spending more
(%)
E X A M P L E
The information shown at each
month reflects the
accumulated value from the
beginning of pandemic until
the respective month
Net % spending more expectations
(%)
E X A M P L E
Long
term
Refers to
expected
values
after +12
months
Mid term
Refers to
expected
values
within the
next 12
months
[Month]
Refers to
current
values
recorded
in the last
survey
I L L U S T R A T I V E

16. 17200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Spending has continued recovering in July across all categories except beauty and
apparel & footwear
Net percentage of respondents spending more (%)
Change in spending per category
D E M A N D S P E N D I N G
Essentials (Groceries) Essentials (Others) Non-essential categories
Fresh
food
Packaged
food Beverages Home care
Personal
care Pet
Consumer
health Games Beauty
Apparel &
footwear
Note: Net % spending more is calculated as % spending more minus % spending less; Consumer health refers to non-prescription items (e.g., vitamins, cold/allergy tablets etc.); Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
May June July

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Spending in July has remained stable or recovered vs June in most categories for
low income households, but has fallen in high income households
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
D E M A N D S P E N D I N G E S S E N T I A L S
May June July

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Consumers expect essential categories spending to fall in the mid and long term, in
comparison to pre-pandemic levels
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category; Mid term refers to the next 12 months; Long term refers to +12 months
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Fresh food Packaged food Beverages Home care Personal care
Net percentage of respondents spending more (%)
Change in spending per category over the pandemic
(to July)
D E M A N D S P E N D I N G E S S E N T I A L S

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Change in services spending remains stable across most categories; house
maintenance has shown a significant improvement vs June
Net percentage of respondents spending more (%)
Change in spending per category
D E M A N D S P E N D I N G
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
D E M A N D S P E N D I N G S E R V I C E S
May June July

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Services spending is stable vs June across income levels, with the exception of
growing spending on house maintenance for higher income households
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenanceEducation
Maintenance
Low income levels High income levels
D E M A N D S P E N D I N G S E R V I C E S
May June July

21. 23200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Consumers are optimistic about most services spending in the mid and long term,
compared to current spending
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category; Mid term refers to the next 12 months; Long term refers to +12 months
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance
D E M A N D S P E N D I N G S E R V I C E S

22. 25200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

23. 26200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value in brand behavior in July was similar to June across all essential
categories
Note: Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Respondents under Flight to value brand behavior (%)
Fresh food Packaged food Beverages Home care Personal care
F L I G H T T O V A L U E B R A N D S
May June July

24. 27200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low income households show sustained flight to value in brand behavior in most
categories, while high income household’s behavior varies across categories
Note: Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Respondents under Flight to value brand behavior (%)
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
F L I G H T T O V A L U E B R A N D S
May June July

25. 28200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value in size behavior remains almost stable across essential categories in
comparison to June levels
Note: Excludes respondents who indicated they never spend on category; April N/A
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
F L I G H T T O V A L U E
Respondents under Flight to value size behavior (%)
Fresh food Packaged food Beverages Home care Personal care
F L I G H T T O V A L U E S I Z E S
May June July

26. 29200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low income households show sustained flight to value in size behavior in most
categories, while high income households follow different trends across categories
Note: Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581); 30/06/2020 (N=1,558); 29/05/2020 (N=1,508), 13/04/2020 (N=1,638)
Respondents under Flight to value size behavior (%)
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
F L I G H T T O V A L U EF L I G H T T O V A L U E S I Z E S
May June July

27. 30200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

28. 31200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Channel spending is similar to pre-pandemic habits; online continues to win over
offline, with NSM of 3% vs. -7%
Net percentage of respondents spending more (%)
Change in spending per category
May June
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
C H A N N E L S H I F T S
Aggregated spend change Offline channels Online channels
Offline
channels
Online
channels Drug stores Local stores Wholesalers Supermarkets Convenience
Pick up at
store
Delivery
app
Retailer
appWhatsapp
July

29. 32200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Consumers consistently increased their usage of Carrefour, Wall Mart & Disco from
May to July
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
C H A N N E L S H I F T S
June’s results

30. 33200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
48% of respondents replaced purchases
they would do in traditional channels
Replacement of traditional channels keeps on growing; ~80% of consumers that
replaced traditional channels expect to maintain some degree of this new habit
Online + delivery is the main option for
consumers who didn’t visit the store
80% expect to maintain some degree of
the new habit
C H A N N E L S H I F T S
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)

31. 34200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
64% of consumers that replaced purchases on traditional channels are also using
other retailers to make those purchases
65% of consumers use other retailers when switching to new
channels
48% of consumers replaced purchases they would do on
traditional channels
C H A N N E L S H I F T S
44%
37%
64%
58%
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
48%
65%

32. 35200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low income: ~35% replaced traditional
channels and ~70% will keep new habits
Traditional channel replacement is happening across all income segments; ~90% of
high income respondents expect to keep some degree of these new ways of buying
Mid income: ~55% replaced traditional
channels and ~80% will keep new habits
High income: ~66% replaced traditional
channels and most will keep new habits
C H A N N E L S H I F T S
34%
68%
71%
56%
67%
81%
66% 63%
89%
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)

33. 36200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Young: half replaced traditional
channels and ~80% will keep new habits
Traditional channel replacement is happening across all age segments; most expect
to keep some degree of these new ways of buying
Middle-aged: ~50% replaced traditional
channels and ~80% will keep new habits
Old-aged: ~43% replaced traditional
channels and ~80% will keep new habits
C H A N N E L S H I F T S
51%
64%
77%
49%
66%
80%
43%
71%
78%
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)

34. 37200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Mercado Libre has 68% of respondents saying they began to use it or increased its
usage during the pandemic
C H A N N E L S H I F T S
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
May June July
Market apps
762 887 1.072 486 540 619 334 395 465 204 229 296 169 185 232 89 135 161 10 18 34 12 6 23
N (resp. increasing usage)

35. 38200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Customer experience: Mercado Libre has a leading NPS vs. other surveyed
platforms, but only Rappi and Linio were able to improve their NPS during July
C H A N N E L S H I F T S
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
NPS for key players
(%)
Low N

36. 39200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Expected duration of the lockdown has increased amongst Argentineans, while the expected financial impact has
slightly reduced. Expectations on the financial impact are worse than actual impact. Uncertainty, anguish,
sadness, stress, worry and care describe how the consumers in Argentina are feeling about the pandemic
• Routines remain stable since May: consumers are still spending more time on digital entertainment (+57
minutes per day) and less time working (-67 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general has fallen through May, but seems to have slightly recovered in June and July across
most categories. Consumers expect essential categories spending to fall in the mid and long term, in comparison
to pre-pandemic levels
• Change in services spending remains stable across most categories, with most entertainment categories
worsening over the last months. Consumers are optimistic about most services spending in the mid and long
term, compared to current spending
• Flight to value is consistent vs June across all essential categories in brand and size behavior; strong
variation of flight to value behavior across different income levels
• Online continues to win over offline, with a net 3% and -7% of consumers spending more, respectively. 48%
of all consumers replaced purchases on traditional channels for alternative ones, and 80% of those expect to
keep some degree of these new ways of buying. The winning player continues to be Mercado Libre, with ~70%
of respondents saying they began to use their platform or increased usage during the pandemic
• The use of digital banks and wallets is increasing mainly across low income segment (+10p.p. May vs. July)
• Financial situation is slightly better to the one reported in June, with still ~20% of respondents not able to
meet financing terms, but better possibilities to restructure
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

37. 40200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Creation of accounts in digital banks & wallets is highest in low income households;
Mercado Pago leads new adoption or increase in usage w/ ~70% growth
Digital banks’ penetration is growing in the low income segment Mercado Pago continues to be the clear winner
P A Y M E N T S & F I N A N C I N G
Low income Mid income High income
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
June’s results

38. 41200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
~20% of consumers will not be able to meet, already restructured or need to
restructure terms of their financing agreements
~20% of consumers won’t be able to
meet the original terms of the financing
~63% of consumers that restructured
think they still may not be able to pay
Main reason to default is receiving an
offer to rest. but not being able to take it
2
1
21
P A Y M E N T S & F I N A N C I N G
Consistent
decrease in
expectations to pay
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
Strong increase in
restructures as % of
those not meeting
original terms
Lack of income and high
interest rates are the
most mentioned reasons

39. 42200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low and mid income households show more difficulty to meet the original terms of
their financing agreements
~20% of low & mid income households show
difficulty to meet original terms of financing
Certainty to pay has decreased in mid &
low income households
Between 20-25% of low and mid-income
households don’t get restructure offers
21
Note: Low income households have a total monthly income lower than AR$40,000; Mid income households have a total monthly income between AR$40,001 - AR$100,000; High income households have a total monthly income higher than AR$100,001
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
P A Y M E N T S & F I N A N C I N G B Y I N C O M E L E V E L
Low Mid High
2
1
Low Mid HighLow Mid High
Low number of
respondents
answering this
particular
question in June
Strong
improvement
for mid & low
income cons.
Lack of income and high
interest rates are the most
mentioned reasons

40. 43200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
People +35 years old show more difficulty to meet the original terms of their
financing agreements
+20% of +35 years old consumers show
difficulty to meet original terms of financing
+35 years old consumers’ expectations to
default restructured terms are growing
~40% of young respondents don’t
receive bank offers to restructure
21
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
P A Y M E N T S & F I N A N C I N G B Y A G E G R O U P
2
1
18-34 35-54 +55 18-34 35-54 +55 18-34 35-54 +55
Lack of income and high
interest rates are the
most mentioned reasons

41. 44200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
~20% of consumers across most regions won’t be able to meet the original terms of
the financing agreements
~20% of consumers won’t be able to
meet the original terms of the financing
Outside of CABA, expectations to
default restructured terms are growing
Main reason to default is receiving an
offer to rest. but not being able to take it
21
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
P A Y M E N T S & F I N A N C I N G B Y R E G I O N
2
1
Bs.As. CABA Other Bs.As. CABA Other Bs.As. CABA Other
Lack of income and high
interest rates are the
most mentioned reasons

42. 45200801 Bain - Argentina ... uly_v6NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Panel composition
Geography Age groups Income level
Note: Low income considers households with total income lower than AR$40,000 per month; Mid income considers households with total income AR$40,000 – 150,000; High income considers households with total income higher than AR$150,000;
Source: Bain Argentina Consumer Pulse 31/07/2020 (N=1,581), 30/06/2020 (N=1,558); 29/05/2020 (N=1,508)
B A C K U P

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