Nearly half the consumers in Latin America feel positive about their current financial situation (although these feelings can vary considerably according to region and the country).
But generally speaking, Nielsen found out that consumers in Latin America are more conscious about their spending and often look for discounts, they are also willing to pay more (premium prices) for certain categories.
Latin American consumer facts
According to LLorente&Cuenca, the strengthening of private consumption in Latin America is one of the many indicators that reflect a series of changes among which stand out:
- Increase in the urban population: it is estimated that by 2030, 85% of Latin Americans will live in urban areas, increasing the demand for housing, infrastructure and services.
- The number of single-person households is increasing in Latin America at rates never before seen.
- Older consumers: consumers over 65 represent 7% of the Latin American market. It is estimated that this figure will reach 15% in 2020, reaching 83 million.
- The income of Latin American households is increasing as a result, to a large extent, of a greater number of women in the labor market. It is estimated that their participation will grow by 20 million until 2030.
- Food and Beverage is the sector with the highest confidence index in Latin America
- The pharmaceutical sector was the second best positioned in terms of confidence.
- Mexico, Panama and the Dominican Republic are the countries that registered the highest confidence index in companies.
Categories worth paying Premium prices
- Cellphones and electronic personal devices
- Meet, Fish and Seafood
- Hair Care products
Categories where the consumers are spending more money
- Household Products
- Technology (computers, Wifi, etc)
- Health Care
Infinitus offers you its experience introducing a wide range of products into several Latin America countries like Mexico, Colombia, Chile, Argentina and Brazil. Contact us to know all the services that we offer to introduce your products or services to these markets!