Changes in Consumer Behavior

The slowdown in the region's economies and political uncertainty are changing the way consumers in markets such as Guatemala, Costa Rica and Honduras make purchasing decisions.

Wednesday, March 27, 2019

The White Rabbit group carried out a study on buyer behavior in Guatemala, Honduras and Costa Rica, called "A New Guide to Understanding the Consumer", which analyses the perceptions prevailing in these markets in the region.

Juan Bernárdez, director of strategy at White Rabbit and 4AM Saatchi & Saatchi, explained to that "... in recent years the factors affecting these three countries are related to excess public spending, currency depreciation and political uncertainty, therefore, the economy began to grow between 2 and 2.5% in almost all countries. These are variables that do not seem to say anything about the consumer, but have a direct impact on purchasing behavior."

According to the study, consumers are looking for ways to postpone long-term expenses such as a home remodeling, change of vehicle, in addition to reducing the waste of resources in entertainment, outings to restaurants, vacations, among others.

One of the most important conclusions is that "... people are looking for alternatives in products and services. The study revealed that more than half of consumers consider changing brands or are evaluating them this year, that is, they are looking for new alternatives to achieve some remnants and focus on others."

Another important fact is that seven out of ten consumers think it is time to save and not spend.

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Because between 2018 and 2019, the consumer's fixed expense free budget in Costa Rica is estimated to have decreased from 18% to 14% of total revenue, four out of ten buyers made the decision to change brands, and two are considering doing the same.

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4AM Saatchi & Saatchi White Rabbit together with carried out the study "A Guide to Understanding the Consumer", and one of its objectives was to understand how women behave with respect to brands in the Guatemalan market, in a context of economic slowdown.

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4AM Saatchi & Saatchi White Rabbit together with carried out a study in the Guatemalan market, with the intention of understanding the reasons for the change in consumer behavior in the last two years, in a context of economic slowdown.

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