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Researchlaunchedfor:TheCoca-ColaRetailingResearchCouncilLatinAmericaby:McKinsey&CompanyInsidethemindsandpocketsofLatinAmericanconsumersHowconsumersbuildpriceperceptionanditsimpactonretailers1THECOCA-COLARETAILINGRESEARCHCOUNCIL–LATINAMERICATheCoca-ColaRetailingResearchCouncil–LatinAmerica(CCRRC-LA)isdedicatedtodevelopingabetterunderstandingofthefoodretailingandalliedmerchandisedistributionbusinessinLatinAmerica.Itconcentratesinidentifyingandthenstudyingselectedrelevantissues,presentingitsfindingstothemanufacturingandretailingcommunities,inordertoassistinthedevelopmentandenhancementofthefoodretailingbusiness.LatinAmericaCouncilMembersJonathanBergerCIESUSAHowardButtIIIHEBMexicoGuillermoD'AndreaCouncilResearchDirectorAnaMariaDinizGrupoPaodeAcucarBrazilPauloGoelzerIGA,Inc.BrazilAntonioCotoGutierrezDiaInternacionalArgentinaTimHammondsFMIUSANicolásIbáñezD&SChileGonzaloRestrepoÉxitoColombiaEduardoCastroWrightWal*MartMexico2REVIEWINGTHESTUDYGOALSANDOBJECTIVESUnderstandthedriversofconsumerpriceperceptioninLatinAmericaOverallgoalsandfocuslevelSpecificobjectivesUnderstandtheimplicationsofpricingapproachesonretailersandmanufacturersUnderstandhighlevelimplicationsforretailersintermsoforganization,supplychainandvendorrelationsUnderstandhighlevelimplicationsformanufacturersintermsofcapabilitiesandrequirementstodeliverunderdifferentretailerpriceapproaches**Source:TeamanalysisMatchconsumerpriceperceptionwithrealitytounderstandwhicharethemosteffectiveleversforretailersUnderstandtherelativeimportanceofdifferentdriversofconsumerpriceperception,acrossmajorconsumersegments,productcategories,shoppingoccasions*andselectedmarketsUnderstandhowpriceranksamongthekeyfactorsintheconsumerpreferredstoreselectionprocess*10%ofstudyfocus90%ofstudyfocus3THESTUDYLEVERAGEDTHREEMAINSOURCESOFINFORMATION*ACNielsenconductedthefocusgroupsinSãoPauloandthefieldresearchinallfivemarketsSource:Teamanalysis•~15in-depthinterviewswithexecutivesofkeyretailersintheregionMethodology•Qualitativesurvey–Focusgroupstotestinitialhypothesis•Quantitativesurvey–~3,000,30-minuteinterviews•CorrelateconsumerresearchresultswithACNielsenscantrackinformation•UnderstandretailerperspectiveonconsumerpriceperceptionObjective•Captureinsightsonconsumerpriceperception•Segmentconsumers•EnrichfindingswithACNielsenproprietarydatabases•MatchpriceperceptionwithactualpricesIn-depthinterviewsConsumersurvey*ACNielsendatabase4CONSUMERSURVEYDETAILSSource:ACNielsen,teamanalysisBogotá•673consumersurveys•6retailers(90%marketshare)•30categories(~3,500SKUs)Santiago•600consumersurveys•11retailers(95%marketshare)•30categories(~3,700SKUs)BuenosAires•600consumersurveys•11retailers(70%marketshare)•33categories(~2,500SKUs)SãoPaulo•600consumersurveys•13retailers(87%ofthemarket)•30categories(~2,500SKUs)MexicoCity•612consumersurveys•6retailers(90%marketshare)•30categories(~3,000SKUs)5ONLYCONSUMERSWHOSHOPREGULARLYINATLEASTONEMODERNFORMATSTOREARERELEVANTFOROURANALYSIS*Includeshypermarkets,supermarkets,mini-marketsandsuburbansupermarketsSource:TeamanalysisConsideredforouranalysisConsumerswhoonlyshopintraditionalformatConsumerswhoshopinitleastonemodernformat*storeregularly•Typicallylow-endconsumers•Usefultogaininsightsonthelow-endmarket,alreadystudiedbyCCRRC•Analysismoreusefulinastudytoincreasethepenetrationofmodernformat,whatisnotthescopeofthisproject•PrimarypopulationofinterestfortheCCRRC•Onlyrespondentsabletoprovideanswersandcrossabledatafor:–Accuracyofpriceperception–Priceperceptiondriversformodernformat–EffectivenessofpromotionalactivityinpriceperceptionbuildingOursampleisrepresentativeofmodernformatshoppers641362321-34years35-49years50+yearsTHECONSUMERSURVEYISREPRESENTATIVEOFTHEMAINSOCIO-ECONOMICCLASSESANDAGEGROUPSAge*BasedonACNielsensocio-economicclassificationforeachmarketSource:Consumersurvey%401743MiddleLowHighSocio-economicclass*Resultstakeintoaccountthebehaviorandattitudesoflowincomeconsumers7Source:ACNielsen,NationalMarketingAssociationsofeachcountryCOUNTRY-LEVELACCEPTEDSTANDARDSGUIDEDOURINCOMELEVELCLASSIFICATIONWeadoptedtheprinciplessuggestedbytheNationalMarketingAssociationsofeachcountryHighincomeMiddleincomeLowincomeSãoPauloBuenosAiresMexicoD.F.SantiagoBogotá•A•AB•C1•ABC+•ABC1•Clasealta•Clasemédiaalta•B•C•C2•C3•C•C2•C3•Clasemédia•D•E•D1•D2•E•D/E•D•Clasebaja67%ofmodernformatshoppersinSãoPaulobelongtoclassesBandC,classifiedasmiddleincome8KEYTAKEAWAYSFROMSTUDY1.LatinAmerica:diversityofconsumers,andnotjustinthedepthoftheirpockets2.Thefewkeyleversthatmatterinbuildingpriceperception–andtheonethatdoesn’t3.Consumers(mostly)gettingitrightintheirsearchforvalue4.Retailershaveanopportunitytogetitrightmoreoftenintheirsearchforabetterpriceproposition9CONSUMERSINLATINAMERICACANBESPLITINTOFIVEMAINSEGMENTSSource:Consumersurvey,teamanalysisAvidbargainhuntersInvestalotoftimeandarewillingtovisitmultiplestoresforthebestdealsQualityseekersandtimesaversWillingtopayaslightpricepremiumtosavetimeandhaveaccesstohighqualityproducts“IndifferentshoppersonabudgetDonotcareaboutshopping,henceinvestlittletimeinitRange-seekers