The Role and Challenges of Consumer Research in the Dynamic Economic and Social Environment of Latin America

Abstract

As Latin America moves towards 2020, consumer spending is expected to overtake resource extraction as the engine for economic growth. However, the international business community still has only a surface understanding of the peculiarities of Latin American consumers and marketplaces. More importantly, there is little academic or even practitioner-generated guidance for producing meaningful consumer research in the Latin American context. This chapter addresses some of the relevant consumer research issues and challenges in the dynamic marketplace that is Latin America and serves as a useful point of reference for international marketers and investors seeking to explore the opportunities that exist therein. The chapter also gives a brief summary of current consumption trends in Latin America, in an effort to highlight the uniqueness and dynamism that render consumer research a necessity rather than a choice for prospective entrants.