Kim Xrossing is a Marketing Executive currently working on enterprise projects at Terrapinn, Inc. in New York City notes that Latin American consumers are evolving quicker than a sneeze. To match this change, media planners must have an updated look on what the market looks like. Below some insights to take note of, according to Xrossing.
Radio happens to be the most popular medium in Latin America, meaning it is consumed more than television. Online payments are not just popular in the US, but 46% of Latin Americans also use this type of payment. What’s also popular online is banking transactions. In the past 3 years, Netflix subscribers grew from 309,000 to over 4.8 million including around 1.2 million in Mexico alone. A trend of researching appliances online before buying takes up 81% of Brazilians, 66% of Mexicans, and 73% of Argentines. 96% of Peruvians use social media.
Beyond basic facts comes inspiration. South and Central Americans love to flaunt evidence of their educational endeavors. This is for pride and status symbol to show among their peers and brands have a multitude of opportunities to explore these needs not only online, but possibly offline. Along with general consumers anywhere in the world, Latin American consumers’ expectations grow while their patience deflates. Time is precious and in forever evolving countries, problems need speed solving. May the brand with the fastest solution win.
Different country, different situations. Financial hardship, inequality, and prejudice serves as barriers in Latin American countries that divide people. The gap between rich and poor is a problem for 68% of Brazilians. With this understanding, it might be best to keep in mind a brand that could avoid confrontations and face these issues. After years in fear of urban violence and protests against the violence, Latin Americans are finally getting out. Whether it be food markets, malls, or parking spaces, a contribution to a safer environment can be the difference in customer satisfaction. 62% of Brazilian consumers would exchange the brand they usually buy, for one that improves their city, supports culture and wellness and offers free leisure (Ibope/Conecta, August 2014)
While integrating safety perks and social classes, urbanization will continuously grow. Filling the city with lonely individuals requires a call for social engagement. Who wouldn’t want to connect with others around them? Metro mobility is becoming a game changer in the growing consumer market. 2015 comes with a bang in this field because of all the inhabitants of Latin America who commute, there may not be one individual who would turn down a better and faster solution.
All in all, the basic consumers are becoming brighter, bigger, quicker, and wiser. The market is revolutionizing and many thanks to the tech world for that matter. Just to quickly give a finishing touch, the more interactive and playful the better. Boring is boring. When boring became a problem, social networks came into play. 73% of consumers in Brazil expect brands to build a meaningful relationship with them. At the end of the day, the market is human and we must keep in mind that the more realistically humanized we can communicate our products, the greater the feedback.
Mexico’s Customer Festival 2015 is an event dedicated to helping brands and retailers improve the way they gain new customers and maintain their current ones. Be there with us in Mexico City April 28-29!
Source articles for the above Sounding Off article are:
-10 Latin Trends for 2015
-15 Insights about Latin American consumers for 2015