Thursday 8 December 2022

Consumers: Who are the Most Optimistic for 2021?

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7 December 2022 - At The Banks - BCCR

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QCOSTARICA – Regarding what is expected economically for 2021, in Panama, Nicaragua, El Salvador, and Honduras there is more optimism among consumers, while in Costa Rica and Guatemala the percentage of people who believe that the situation will improve this year is lower.

Image: Kantar Latin America

According to the survey conducted by Kantar CAM to measure the perception of households in Central America, at the regional level 12% of consumers consulted believe that the economic situation in their country will improve during 2021, 23% expect it to be the same and 65% predict that it will be worse.

Reviewing the details by country, the figures show that in Costa Rica 77% of consumers believe that the situation will worsen this year; in Nicaragua 45%, in Panama 59%, in El Salvador 61%, in Guatemala 71%, and in Honduras 73%.

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Of households expecting the situation to improve, in Nicaragua 23%, in El Salvador, Honduras, and Panama this proportion rises to 13% in all three cases, in Costa Rica to 8% and in Guatemala to 7%.

These results are influenced by the economic crisis affecting all Central American countries, which were affected by the pandemic that generated the outbreak of covid-19 worldwide.

It is worth mentioning that 12% declared that, despite everything that is being experienced derived from the pandemic, they consider that there will be a better economic situation in the country than before at home. In this response, we saw that households that are in a low socioeconomic level pyramid stand out. They answered this.

Light green: better, medium green: the same, dark green: worse

In the coming months, consumer perceptions could improve, as the vaccination process of the population has advanced in recent weeks.

Vivian Galvez Worldpanel Division of Kantar CAM, told Martesfinanciero.com that “…. ‘there is already a vaccination program to combat this virus in Central America, countries such as Costa Rica and Panama are already applying the vaccine and others are waiting for the arrival or negotiation to acquire the vaccine, so it could be expected that, for the second half of the year, the country’s economy will begin to reactivate in a more dynamic way.”

As for the other Latin American countries, Mexico, Argentina, Brazil and Colombia, despite having vaccination plans for the first quarter of 2021, they are not so optimistic about the economic situation this year.

Blue: worse, Grey: the same, Green: better
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Argentines are the least optimistic of the group of countries interviewed, 68% answered that the situation will be worse than in 2020, 24% that it will remain the same and only 9% that it will improve. In Brazil 54% say it will be worse, 265 unchanged and 20% that the household’s economic situation will improve.

In Colombia the perception is more even, 41% say that it will be worse, 42% that it will remain the same and 17% believe that things will change for the better.

In Mexico, 22% believe that the economic situation will improve this year and therefore the condition of their homes and the quality of life, while 47% believe that there will be no changes and 31% that it will worsen.

“In Mexico, the vision is that it will continue as it had been living in 2020. It is clear that changes in shopping habits will continue and also in the way of living day to day,” added Gálvez from Kantar CAM.

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