TECHNOLOGY, HEALTHY LIFESTYLE, AND CHANGING CONSUMERS’ CONFIDENCE RESHAPE THE LATIN AMERICAN RETAIL LANDSCAPE
SÃO PAULO, BRAZIL – Global market research company Euromonitor International will host a webinar, “Megatrends and Retail in Latin America”, on Tuesday, July 31st at 10am CLT. The webinar will highlight how three megatrends – Shopping Reinvented, Healthy Living, and Middle-Class Retreat – are becoming increasingly important and influential in the region’s retail landscape.
Shifting values and access to the internet have led to increasing competition with today’s consumers shopping across multiple platforms. While 92 percent of retail sales in Latin America continues to take place in physical stores, alternative shopping models – such as e-commerce and subscription services – are gaining ground. Thus, retailers must be prepared to engage with consumers anytime and anywhere.
A more holistic approach to wellness is being adopted, encompassing not only aesthetics but also mental well-being and physical health. Over 95 percent of Latin Americans who participated in Euromonitor International’s Lifestyle Survey in 2017 considered important to eat fruits and vegetables, limit stress level, or get regular exercise. Retailers can promote healthy living by linking in-store consumer experiences with information to guide consumers to better purchases.
Latin America has been marked by years of economic and political crisis, an unusually strong US dollar, and inflation. These conditions have impacted consumers’ confidence and expenditure patterns. Over 48 percent of Latin Americans – the highest percentage among all regions – intend to decrease their overall spending over the next year. Despite a preference to save more money, consumers are willing to continue spending on experiential purchases. Retailers have the opportunity to build an experience around purchases made in their stores to take advantage of this consumer preference.
Amanda Bourlier, consultant at Euromonitor International, comments, “The retailing landscape in much of Latin America has been characterised by challenging economic conditions, leading to sharp shifts in consumer buying behaviour and significant sales declines. While price and credit will remain important factors, the regional story in retail in the years ahead will be about changing shopping habits and relatively new consumer values affecting brand relationships, purchasing preferences, and consumer behaviour.
Click here to register for the live webinar.
For further information, please contact:
Communications Executive – Euromonitor International
Tel: +55 11 2970 2175
About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.