During the last few years, the inflation It has had a direct impact on consumption at a global and local level, due to the fact that it stabilized, slight increases in employment were reported and the perception of deterioration in the economic situation of consumers was reduced.
For Willard Manrique, CEO of Grupo Crosland and professor at the PAD School of Management at the University of Piura, there is a certainty that a complex economic outlook will continue in 2023.
JP Morgan projected at the end of last year that a less pronounced recession is expected, since they point to a stabilization of the markets. The encouraging scenario goes through a projection on the rates of the central banks that they consider that they will stop rising, which will influence the reduction of inflation.
Likewise, at the local level, Willard argues that “The economic and social landscape is complex. In terms of consumption, Peruvians continue to choose to buy more cheap brands and rationalize spending.
Recently, The Retail Factory (TRF) consultancy published a report stating that 8 out of 10 Peruvians have changed their shopping habits. The most significant trends are those that specify that 27% chose to buy a cheaper brand; and 18% looked for a substitute. Finally, 9% stopped buying their usual brands.
For consumers, the variables volume, price and opportunity have been increasingly valued. This has motivated the preference for white brands to grow. The TRF report shows that more than half (53%) of Peruvian consumers would buy their own or white brands in the next 3 months with the same frequency as last year; while 19% consider doing it more frequently.
In this sense, unlike other countries in the region, the Peruvian consumer is the one that has grown the most in opportunity purchases, especially in the self-service channel. For this reason, for Willard, brands should consider a rebalancing of channels, taking care of the dependence on the modern channel to the extent that the product portfolio can be replaced by white brands.
Likewise, for the expert, retailers must continue adjusting their product offerings to consumption capacity, offer additional services, provide financing options and improve the customer experience. The value of money and a more rational purchase are increasingly important in consumption.
