After 4 weeks monitoring consumption during the period of isolation, we see the curve within the region reflecting the same trend anticipated by European countries. In summary, there has been a slight decline, but FMCG spend is still up overall , caused by an increase in the number of items per trip – in effect, offsetting the drop in frequency.
What happens next will dictate whether FMCG brands are going to win overall. We suspect it will be difficult in LATAM given the number of people with reduced income and the restrictive shopping rules in place. We will stay close to consumers, to understand the impact during and after the pandemic.