Trust: A Key Factor For The New Latin American Consumer
Food & drink is the industry with the highest trust rating in Latin America.
The strength of private consumption in Latin America is one of the many indicators that reflect a number of changes, especially growth of urban population -it is calculated that 85% of the Latin American population will live in urban areas by 2030-; rise of single-person households -the number is rising to unprecedented levels in the region-; older consumers -those aged over 65 currently represent 7% of the Latin American market, and is expected to reach 15% by 2020; and increasing income of Latin American households, mostly as a result of the larger number of women in the labor market.
Just as in other parts of the world, these socio-demographic movements accompany global trends that have given consumers more power in their interactions with business. These include increased connectivity -more than 61% of the population in the region is now connected to the internet-; e-commerce -expected to grow by 16% over the coming years-; and hypertransparency -the relationship between brands and consumers now require a more direct, transparent approach-.