Financial Services: What are Consumers Looking for?

Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.

Friday, October 30, 2020

CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.

For this analysis, CentralAmericaData collected data on the number of Central American consumers who showed their interest in purchasing financial services online in July. In October the same information was collected again and the variations reported in the quarter in question were evaluated.

Details of some of the most outstanding findings:

Between July and October Panama the number of consumers seeking personal credit decreased from 120 thousand to 72 thousand, which is equivalent to a -40% variation. In Guatemala the drop in the number of people who tried to access this type of credit was 58%, in Honduras 45% and in El Salvador 74%.

For the months in question the number of Costa Ricans seeking to refinance a mortgage increased by 59%, in Panama a variation of 44% was reported and in Honduras the number of consumers interested in this financial service increased by 122%.

In Central American markets the number of people trying to get credit card services decreased for the quarter under analysis. In El Salvador the variation amounted to -35%, in Honduras to -36%, in Guatemala to -43%, in Costa Rica to -60% and in Panama to -72%.

CentralAmericaData has a complete information system for the analysis of consumer interests in any country in the region, which allows companies to project demand trends and anticipate changes in the various sectors and categories of products and services. This information system allows monthly tracking of preferences and purchase intention of Central Americans by product or category, resulting in a very high value input to make business decisions in the new commercial reality.

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When comparing July and October 2020, the number of consumers in the country who were trying to buy a coffee machine via online increased by 87%, and the number of people looking to buy a cell phone increased by 13%.

CentralAmericaData's interactive platform, Consumer Insights, monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchasing patterns.

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In the last few months, interest in credit cards has been increasing in the digital environment, a rise that is mainly explained by the behavior of consumers in Panama, Honduras, El Salvador and Costa Rica.

Through a system monitoring changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.

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In the countries of the region, more than 8 million people are looking for credit on the Internet. Of this group of consumers, approximately 9% explore options for taking out a student loan.

The interactive information system developed by CentralAmericaData monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.

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At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.

The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.

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