Uncover the consumer and industry trends dominating Latin America in 2023, and know which strategies are crucial for success as a new market entrant or established regional player. Get data-backed insights on the economic outlook for key markets, and learn how you can maximize your success in context.
Regional Outlook 2023: Latin America
It’s the start of a renewals cycle for Tech and Durables products bought between 2020–2022, with 50% of sales expected to be renewals (of which 30% are upgrades or a second product). Felipe Mendes, General Manager Latin America at GfK explains that brands investing in promotions will influence consumers to switch to their brand, and can look forward to a positive year.
Regional Outlook 2023: Chile
Coming out of multiple crises, Chileans are challenging brands for more transparency and personal relevance, making the consumer’s voice in T&D brands more important than ever. Hear more from Salome Martinez, Commercial Manager for Chile at GfK.
Regional Outlook 2023: Latin America
Latin American consumers are insecure about their financial future – still T&D producers and retailers have plenty of opportunities to achieve sustainable growth. According to Andres Contreras, Director of Sales for Latin America at GfK, the key ingredient is market and consumer knowledge, as adapting messaging for different segments of your target group will allow consumers to identify with your brands and its value for them.
Regional Outlook 2023: Chile and Argentina
Felipe Armijo, Commercial Direction Southern Cone Region at GfK explains that customers facing high inflation rates, would rather spend than save. This creates an opportunity for T&D companies to position their products and grow business. Understanding consumer behavior and needs is critical to be able to make the right decisions on how to target the right consumers with the right messaging.
Regional Outlook 2023: Latin America
To gain growth with traditional consumers a precise pricing strategy is key – as they are ready to wait for promotional seasons when purchasing T&D products – Eunha Choi, Strategic Account Manager, Latin America at GfK explains. On the other hand, Latin American consumers are young, practical, and open to adopting new brands, so the time to invest in brands is now, in order to be able to grow by the time they are ready to purchase.
How to stimulate demand and trigger consumption in T&D in LATAM
There are ways LATAM manufacturers and retailers can increase the demand and consumption of T&D products. Fernando Baialuna, Head of gfkconsult Latin America outlines three key steps: reinforce the power of the brand, go through a phygital journey and communicate to the right target audience.
Master the 2023 Latin American Tech and Durables market
Discover the latest insights and strategic direction for omnichannel strategies, brand strength, and GenZ behavior in Latin America with gfkconsult’s Regional Report.
