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Recent studies from various sources have offered important insights about Latin American consumers. We isolated out 6 of the most relevant data points so you can factor them in when setting up future campaigns.
Big & Bigger
Projections from Frost & Sullivan indicate that by 2025 there will be 661 million consumers in Latin America with a combined GDP of US$15 trillion.
Credit Cards Charge
According to a recent piece in Latin Trade by John Price—director of the market research firm Americas Market Intelligence—by 2020, 25% of Latin American homes will have a credit card; for comparison’s sake, in 1990 only 3% of homes in the region had credit cards.
According to a global report from Nielsen that looks at consumer confidence around the world, 7 Latin American countries have shoppers who are feeling pretty good about the future. Nielsen’s scale sets 100 as the top score for consumer optimism and confidence, and it looks like Brazilians (with a score of 111) have the sunniest shopping outlook. Other countries with highly optimistic shoppers include Peru (with a score of 98), Colombia (95), Chile (95), Mexico (86), Venezuela (84) and Argentina (75).
They Like Shopping with Tech Help
In a recent Motorola Solutions study, 70% of Latin American consumers indicated that they have a better shopping experience in stores in which retailers offer mobile computers and information kiosks.
The Pause that Refreshes
According to Euromonitor, several Latin American markets are among the top consumers of carbonated beverages. Argentina leads the world in soda consumption, with 131 liters per inhabitant in 2012, followed by Chile (121 liters per person) and Mexico (119 per person). The other Latam country that made the world’s top 10 list of soda consumers was Uruguay, with 87 liters per persona.
Mobile Money Moving
By 2015 some 140 million Latin Americans will use mobile terminals to access their bank accounts, according to a report from Deloitte that was shared by the Federación Latinoamericana de la Banca (Latin American Banking Federation or Felaban). This is a 65% increase compared the actual amount of people in Latin American who carry out banking activities with their mobile phones. Beyond banking transactions, projections indicate that many more Latin Americans will use their cell phones to buy products: according to Tata Consultancy Services, mobile commerce in Latin America will increase by 35% every year through 2015.
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