Thread by @ASCOA

We are live with our #BRAVObiz symposium on how COVID-19 is transforming consumer behavior trends!

Join us now as we hear from @cmuruzabal @gfrias and executives from @Grupo_Exito @BelcorpCorp @MastercardLAC and @SAPLatinAmerica. twitter.com/i/broadcasts/1…

What are some of the biggest changes in consumer behavior?

Personal care and body care are becoming more relevant, says Erika Herrero, CEO of @BelcorpCorp, with sales down just 18% in April and May compared to 70% drops for makeup and fragrances.

#BRAVObiz

Now, says Herrero, eyes are becoming more relevant since everybody is wearing masks and @BelcorpCorp is starting to see some pickup in products around the eyes.

Fragrances still haven’t picked up, since that’s a very “social” category and we're still distant. #BRAVObiz

Consumers are very conscious these days, says @Grupo_Exito CEO Carlos Mario Giraldo. They're prioritizing domestically produced goods, even appliances.

“They are privileging the local economy because they’re sure it will have a very important impact in employment.”

#BRAVObiz

If customers used to visit 5 stores before, they're now just visiting 1 or 2 where they feel secure, says Giraldo.

"We’re seeing fewer transactions, but they’re higher ticket. Whoever comes to a store or comes online is serious about making a very effective purchase."

#BRAVObiz

.@MastercardLAC is seeing ecommerce up 35% YOY in Latin America, growth unimaginable just 6 months ago, says Walter Pimenta. The acceleration we’ve seen is something a bit “astonishing” to us. There's definitely a "cash aversion effect," he says.

#BRAVObiz

3 things companies can do now:

1. Be able to serve customers seamlessly across channels, esp digital.
2. Make sure your manufacturing-to-consumer chain can be retrofitted in days if not hours.
3. Don’t forget your employees. They’ll define your success.

— @cmuruzabal #BRAVObiz

Before, spending was split in even thirds between retailers, services, travel and entertainment.

What's impressive, says @MastercardLAC's Pimenta, is that consumer spending is up 35% overall, considering that travel and entertainment today is virtually non-existent.

#BRAVObiz

And that wraps up today's #BRAVObiz discussion!

Many thanks to our expert panelists, partners, and attendees everywhere.

You can watch the video of the event here: as-coa.org/events/coa-sym… @cmuruzabal @SAPLatinAmerica @gfrias @Grupo_Exito @BelcorpCorp @MastercardLAC