Changing Consumer Trends in Latin America
As of late October, Latin America has the largest number of active cases of coronavirus in the world. The area is also seeing some of the worst economic impacts – according to Euromonitor’s estimates, updated in October 2020; Peru, Argentina and Mexico are seeing some of the biggest consequences in terms of yearly GDP variation in the region with projected declines of 13%, 12.5% and 10.5% for this year.
Consumers have reorganized their priorities during this year and are being forced to readapt their lifestyles and consumption habits to the pandemic. Increasing hygiene and preventative health awareness combined with reduced social occasions and a new value put on time are setting the ground for a new normality that is accelerating certain key trends in Latin America.