Latin American consumers are now extremely familiar with instability, and in 2022 they continued to demonstrate their ability to adapt. Remaining resilient within an increasingly challenging socioeconomic situation – both regionally and globally – they have changed where and how they shop, and what they buy.
Shoppers are coping with financial uncertainty and rising prices by purchasing fewer FMCG products, but they don’t necessarily go for the cheapest options: most value growth over the last year came from mainstream and premium brands.
In their search for the best value for money, Latam consumers are shopping around, visiting a higher number of channels and buying less per trip. Consumers who visit several outlets are exposed to a wider range of products – which provides an opportunity for brands to increase penetration by exposing themselves to more shoppers.
Cash and carry stores and discounters in particular have benefited from the quest for greater value, while ecommerce hasn’t performed as well as expected; buying FMCG online hasn’t yet become a habit for Latins.
One habit that has become established following the pandemic, however, is having fun at home. This is driving growth in snacks and drinks categories, and while saving money is a strong motivation people are still keen to enjoy small treats such as coffee.
We’ve identified 12 key facts that demonstrate how Latam shoppers have changed their FMCG consumption, to explore how their behaviour evolved over 2022 and help us visualise what the environment could look like in 2023. You can watch our video now in English, Spanish or Portuguese.