The State of the Consumer in Charts — July 2026

研报英文原文证据摘录

The State of the Consumer in Charts — July 2026

Equity Research

21 July 2026 | 7:00PM EDT

LATIN AMERICA

Monthly check on the LatAm consumer: We present an Headline inflation moderated to 3.4% yoy in Jun (from 3.9% Irma Sgarz

+1(212)357-3770 | irma.sgarz@gs.com

updated analysis and chartbook of key consumer-related in May), while F&B inflation remained broadly stable at Goldman Sachs & Co. LLC

macro and industry data that we monitor in LatAm. These 5.1% yoy. Consumer confidence continued to print negative Thiago Bortoluci

+55(11)3372-0104 |

help us interpret current trends and anticipate the operating at -4.2% yoy in Jun (vs. -7.3% in May). thiago.bortoluci@gs.com Goldman Sachs do Brasil CTVM S.A.

environment for consumer companies under our coverage. Rached Argentina was mixed, as headline inflation eased at the Felipe | +55(11)3371-4587

Brazil was mixed, L3M average real wage growth margin to 33.4% yoy in Jun (vs. 33.6% yoy in May), while felipe.rached@gs.comGoldman Sachs do Brasil CTVM S.A.

decelerated to +4.0% yoy in May (vs. +5.3% in Apr), with LTM consumer confidence declined by less, at -6.1% yoy (vs. Nicolas Sussmann

net employment creation slowing to +0.9mn yoy (vs. +1.0mn -11.8% yoy in May). Chile deteriorated, as the ongoing +55(11)3371-9880nicolas.sussmann@gs.com|

yoy in Apr). Purchasing power deteriorated, as the gap shock in global oil prices drove headline inflation to 4.3% in Goldman Sachs do Brasil CTVM S.A.

Gabriela Lemebetween average nominal wage growth and food inflation Jun (vs. 3.9% yoy in May) and consumer confidence +55(11)3372-3512 |

narrowed to +470bp (vs. +700bp in April). That said, declined -9.2% yoy (from -3.5% yoy in May). Colombia was gabriela.leme@gs.comGoldman Sachs do Brasil CTVM S.A.