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 Prensalibre.com 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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More on this topic

Economic Slowdown: What Was No Longer Consumed?

January 2020

In the context of the economic slowdown that Costa Rica suffered for much of last year, 4 out of 10 families restricted their purchases of clothing and footwear.

Thirty-three percent of households reduced their spending on meals outside the home, and in the area of other recreation or entertainment expenses, 29% of households consulted said that during 2019 they restricted their spending, details the "2019 News Survey ", prepared by the University of Costa Rica (UCR).

Consumers: Purchasing Decisions and Budgets

September 2019

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.

A study presented by Elfinancierocr.com, explains that women are the most affected by the economic situation of the country, since they said that after subtracting all their fixed costs, they only have 12% of their budget.

Which Brands Don't Succeed in the Female Market?

May 2019

When brands don't know how to approach women, this segment of the population removes products from their value equation because they can't establish a rational, less emotional relationship.

4AM Saatchi & Saatchi White Rabbit together with Prensalibre.com 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.

What Brands Succeed in the Market?

April 2019

The cheapest, most adaptable and irreplaceable brands are those preferred by consumers in Guatemala's current economic context.

4AM Saatchi & Saatchi White Rabbit together with Prensalibre.com 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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