Particularly, the sale of appliances seeks face falling falls and minimum margins. In turn, volatility in interest rates could make both card financing and the daily operation of companies more expensive.
The consumption of durable goods is going through a scenario complex. While some chains hold the level of sales in quantities, the profitability She looks eroded. “The market It is very stopped From before, and the rates does not help. What ends up sacrificing is the margin ”, admit from one of the main chains in the sector, and warn that card financing Stop being an engine and becomes a shared weight between banks and shops.
The competition also intensified: since importers were added to the market, they force large chains to be “very aggressive with prices, promotions and financing With our own credit lines. ”With that, they explain, sales remain in units, but in pesos“They come down”
Billing statistics accompany that diagnosis. An recognized appliance company explained that, after a monthly average of $ 9,000 million between March and Mayin June they went down to $ 7.8 billionin July to $ 7.5 billion And in August they will barely get to $ 5.5 billion.
This panorama could be deepened if volatility in interest rates, derived from the new monetary policy scheme, translate into an increase in internal and financing costs. In that sense, they explained to this medium that currently the cost of merchandise sold “should be around 50%, but today it is around 75%.” “That forces you to Burn stock To pay salaries, loans and checks, ”described the source.
Thus, the strong competition and the increase in costs ends up reducing the low profitability available: “All the profitability that is ended by the banks,” said an executive. And he added: “It is very hard to take funds at this rate and endure what has already taken. Nobody wants to stock because prices cannot be sustained and Sell Out It fell strong. Customers with fresh weights prefer to make a Fixed term Before buying merchandise that they don’t know if they are paying well. ”
The Argentine Federation of Trade and Household Artifacts (FACA) also alerts about the situation, especially in the interior of the country. Its member of the Board of Directors, Roberto SlobodianiukHe stressed that, although statistics show some recovery compared to 2024, it is a rebound from a very low floor. “It’s like comparing to have sold three refrigerators and now four: Growth is 30%but the daily reality is not enough to sustain business, ”he explained.
Slobodianiuk stressed that just one 13% or 14% of consumers Take advantage of promotions and access to credit, while “The remaining 80% prioritizes food, health and education, and leaves durable goods for the end”
The leader also pointed to the difficulty generated by high rates in credit card financing: “SMEs We do not have the agreements that achieve the big chains and the fees are less and less attractive to the consumerto be borrowing without the inflation liquefy the cost. The snowball of cards and credits is unsustainable. ”
He also warned about the measure that enables direct purchases from Tierra del Fuego with tax remove: “For the consumer it can be good, but for the SME trade It is a shot in the flotation line. If a neighbor gets a 30% cheaper product online, it does not buy us and there is also the feeling that we are cheating it, ”he says Slobodianiuk.
Why interest rates upload, according to specialists and the government
From the macro analysis, Guido LanzillottaExecutive Director of Assur Capitalhe explained that current volatility in rates responds to “a different speed Between the macroeconomic foundations and the micro”As the specialist points out, the rapid decrease in inflation generated a barefoot With interest rates for SMEs, which were up to ten points above projected inflation.
In addition, after the disarmament of the Lefis, part of the liquidity did not turn to the private credit, which forced the Central Bank to absorb circulating with rates of rates and lace. “That allows sustaining a more controlled dollar and stable inflation, but as it will contrast Raise financing costs for companies and individuals, ”explained the president of the BUENO AIRES BAG OF YOUNG.
However, Lanzillotta considered that volatility It will be temporary and that could be normalized after the elections: “There may be situations of very short term that are decoupledbut in the medium and long term the market will tend to find a more stable curve. ”
The Minister of Economy, Luis Caputohe also argued that rates volatility is a temporary issue and attributed it to “High political risk that the market assigns today (Given the last attempts to break with the fiscal balance on the part of the Congress) “But this dynamic will collapse after the electoral results, and the rates” will return to the level to which we would all like to see them. “That is, there could be some impact on the level of activity in the short term, but should quickly recover post elections”The official acknowledged.
However, the sensation in the sector is that the consumption of durable goods is artificially sustained by internal promotions and credit lines. However, the increase in costs in dollars, volatile rates and the growing weight of financing put the business in check.
The future of the activity, center of the discussion on Industry Day
The panorama was also discussed within the framework of the National Entrepreneur Day, Where more than 180 Buenos Aires SMEs They met with the Minister of Production of the Province, Augusto Costato analyze proposals in a context of recession and loss of competitiveness.
The sector looks carefully on September 2, when the Industry Dayin an act conducted by Martín Rappallini, President of the Argentine Industrial Union (UIA) in Córdoba. There a new productive contract will be presented, an initiative that seeks to sit for predictability and consensus for manufacturing development.
Although the president Javier Milei It will not participate in the event, the Interior Minister will be present, Guillermo Francoswhich will give political weight to a day in which industrialists expect clear signs about the economic direction and the productive agenda of the government. Buenos Aires, meanwhile, will also have its own event at the Migueletes Exhibition Center.
Source: Ambito
