Mercado Libre Founder Disputes Official Consumer Spending Data

Mercado Libre founder Marcos Galperin has publicly challenged the consumer spending figures released by the Argentine Chamber of Small and Medium Enterprises (CAME). CAME reported a 3.8% year-on-year decline in retail sales for July, and a 2.1% drop compared to June, with a cumulative 2.7% decrease in the first seven months of the year.

Galperin took to social media platform X to question CAME's data, suggesting a comparison between the volume measured by CAME and the transactions processed by Mercado Libre Argentina. He highlighted that Mercado Libre Argentina experienced 38% growth in constant currency over the last quarter. "Something tells me that Mercado Libre's volume is greater than everything CAME measures, and no one seems to take it into account when announcing the state of consumption," he stated.

This dispute comes as Mercado Libre announced its first-ever quarterly net revenue exceeding $10 billion. The e-commerce giant reported $10.169 billion in revenue for the April-June period, a 50% year-on-year increase and the fastest expansion in four years. The company also posted an operating income of $683 million and a net profit of $466 million.

CAME attributed the reported sales decline to the "exhaustion of extraordinary liquidity provided by the mid-year bonus in the previous month." They also cited the impact of winter utility bills on household budgets, leading to increased consumer caution. Six out of seven sectors surveyed by CAME showed year-on-year declines, with notable drops in textiles, home furnishings, and food and beverages. Hardware and construction materials were the only sector to show positive growth.