History has demonstrated that consumers are more willing to buy new innovations in more confident environments. In 2018, consumers are finally feeling better about the economy and are starting to have positive perceptions of their personal finances. In fact, Latin American consumers are among the most willing globally to switch to a new brand. They’re also willing to pay premium prices for innovative products. At the same time, however, they don’t believe there is enough innovation in the market. They desire new products in the market, particularly those that truly solve unmet needs.

Organizations seeking growth should strive to innovate to engage new and existing customers. Without innovation, they risk loss of market share and brand sales.