The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Market Research Company Euromonitor International has released a new e-book identifying the top five retailing trends in 15 countries throughout North and South America.
Overall South America will see solid forecasted growth in convenience stores due to increased urbanization and hectic lifestyles that demand quick snack options on-the-go. Mature North American countries will see expanding opportunities in variety stores and pharmacies with budget-conscious shoppers looking for convenient and cheap options.
“Retailing is a vast changing industry throughout the hemisphere, as companies try to find new ways to reach customers and better understand current purchasing habits. This leads to new channels as well as the evolution of existing outlet formats to adapt and satisfy demand,” says Latin American Research Manager, Sean Kreidler. “The turn to convenient and quick one-stop shopping has proven successful in the Americas and will continue through the proliferation of convenience stores, the adaptation of pharmacies to increase their product offering, the expansion of modern discount formats and the continued push toward internet retailing.”
Trends Highlighted in the E-Book:
Internet retailers are growing in many countries. The Dominican Republic’s internet retailing sales come directly from US retailers, through Dominican couriers, while Chile’s apparel internet retailing sector is set for significant growth over the forecast period. In Peru, a small internet retailing market is growing at a rapid pace due to the rising purchasing power of customers and improved access to credit cards. Grocery internet retailing grew over 80% in value in Mexico, as urban women with busy lifestyles prefer to shop online.
Luxury retail has become more affordable in Canada with mid-range luxury and diffusion brands encouraging new store concepts and luxury retailing has maintained its popularity in Brazil. There is also potential for luxury goods to grow quickly in Colombia, especially for apparel, jewellery, watches, bags and luggage specialist retailers due to the increasing purchasing power of Colombians.
Grocery and supermarkets are experiencing dynamic changes in many South American countries, despite traditional small independent grocers owning the majority stake. In Argentina, supermarkets are shifting their focus to smaller outlets in saturated urban areas as consumers are spending less per shopping trip. However, in several Latin American countries, an increase in disposable income coupled with fast-paced urban lifestyles has led to more consumer interest in finding everything they need in the same place, thus favouring one-stop shopping, a core aspect of larger modern grocery retailers. In North America, specifically the US, grocery stores are being consolidated.