In a context marked by rising costs of living, Chilean consumers have developed significant changes in their shopping habits, with a greater emphasis on domestic spending, more careful consideration, and an increasing demand for products that offer a good balance between quality and price.
In this environment, the emergence of “retail media” (retail sales media) becomes an essential tool for brands to effectively connect with shoppers and maximize the return on their advertising investment.
The fifth edition of the Shopper Experience Observatory (OSE), conducted by In Store Media in collaboration with IPSOS, provides a detailed insight into the current preferences and habits of consumers in Chile.
After the last survey in 2019, the study reveals that 80% of participants rate the country’s economic situation as “average or bad”, and more than 75% do not anticipate improvements in the coming year.
A significant finding is that 90% of Chilean consumers feel their supermarket spending has increased compared to the previous year, reflecting the constant pressure of rising prices.
Changes in Shopping Patterns
Although physical stores remain the preferred channel for purchasing mass consumer goods, used by 90% of respondents, the online channel is gaining ground as a complement to the physical store experience.
Chilean consumers are adapting to omnichannel, combining online and in-store purchases according to their needs.
The increase in prices has led to a trend of more frequent but smaller purchases. Currently, 58% of consumers visit the supermarket at least once a week, an increase of more than 10 percentage points in the last five years.
Profile of the Chilean Consumer in 2024
The profile of the Chilean consumer in 2024 is characterized by greater home consumption, a more thorough evaluation of purchases, and an increasing demand for quality-price, among other aspects.
Here are five key traits of the current Chilean consumer:
1. Home-Oriented
Study participants plan to reduce spending on vacations (65%), food delivery apps (62%), and eating out (61%).
However, they are willing to maintain or increase spending on meals at home (59%) and hygiene and beauty products (62%).
2. Conscious
Health and sustainability remain important factors in purchasing decisions. 73% of respondents pay attention or plan to do so to foods without warning labels.
Additionally, 69% show interest in locally sourced products, 68% in organic foods, and 64% in reducing the consumption of animal-based products.
3. Attentive to the Point of Sale
Despite spending restraint, 9 out of 10 consumers make partial or total purchase decisions during their supermarket visit, confirming that they are attentive to in-store factors that may influence their final choice.
4. Brand Disloyal
In an environment where the quality-price ratio is a decisive factor, supermarket private label brands are gaining ground as competitive alternatives.
5. Innovative
Despite the sustained rise in prices, 90% of consumers are open to trying new products, whether in search of new experiences, discounts, or health improvements.
The Challenge of Connecting with Consumers
In the current environment, media planning is crucial for brands, as it is increasingly important to deeply understand consumers and the variables that condition their purchase decisions.
Brands face a great challenge to maximize the return on their advertising investment strategies and effectively connect with consumers to earn their preference.
This is where the emergence of retail media offers a solid platform to efficiently impact consumers, providing relevant and cost-effective alternatives.
The supermarket is the most influential advertising channel in purchase decisions, with 58% of consumers stating that this medium affects their decisions.
It is followed by television (35%) and the supermarket website (31%). Additionally, the preferred channels for viewing advertisements for mass consumer products are television (57%), supermarkets (47%), and social media (47%).
These same channels are the main means by which consumers learn about innovations and brand launches: social media (51%), television (48%), and supermarkets (37%).
Adapting to omnichannel is not only a response to current consumption trends but is also becoming a key strategy for Chilean consumers.
By integrating online and in-store purchases, consumers can maximize the value of their purchases, access a wider variety of products, and receive up-to-date information on offers and new releases, all contributing to a more comprehensive and satisfying shopping experience.
