Pockets of Growth: Latin America
These are challenging times for Latin American consumers who are facing economic constrictions. High inflation is pushing them to make active money saving choices, while manufacturers are concerned about how to increase their profits—even though their customers have smaller and tighter wallets. Despite the economic challenges, the middle class is growing and there are more people with high disposable incomes. Additionally, younger generations are growing and consumers are looking to be more health conscious and maintain their current lifestyles.
Consumers are still looking for the best products, even if it means paying a little bit more. Seventy-nine percent of consumers are changing their spending patterns to save money. General consumers are open to buying newer products if they meet their key concerns and demands, and these attitudes are reflected in sales within Latin America.