Some Notes About LATAM

Latin America, or LATAM for its acronym in English, is a very large region of the world. The variables used to define whether or not a country is part of this territory is that it is located in the American continent and that its population speaks a Romance or Latin-derived language. Following these parameters, all the countries of America except Canada, a large part of the United States, Jamaica, Guyana, Suriname and some other island countries are part of this place.

Brazil, Mexico, Argentina, Colombia, Chile and Peru together represent almost 80% of the economy of the area by their Gross Domestic Product in 2021 based on data from the World Bank. That is why a large volume of Market Research carried out in LATAM focuses on these markets. Other areas of interest are Central America (on many occasions taking Guatemala as the starting point), the Dominican Republic in the Caribbean and the United States, where the number of consumers who speak Spanish is increasing.

The language with the most speakers in the area is Spanish. This language is spoken in a large number of countries and allows documents and materials to be shared in various latitudes without requiring further translation adjustments or regionalization by dialects. The second language with the largest number of speakers is Portuguese. Although this language is also spoken in Portugal, care must be taken when exchanging materials on both sides of the Atlantic because Brazilian Portuguese has several differences from that used in Europe.

Unlike other geographies where the market size is larger and there is homogeneity in customs, in Latin America each country maintains national or regional practices that only those born there or who have lived in the place for a long time are capable of recognizing and carrying out them. It is a common place in migrant blog posts to document the cultural impacts suffered to make the habits of the Latin American country that welcomes them their own; even if the person reporting this fact is another Latin American. For this reason, it is essential in market studies that are applied simultaneously in several countries in the area to be sure that the concepts and details are legible and understandable by respondents from different countries.

Other areas of opportunity in the region is that, as it is a not a small conglomerate of various countries, each one applies national legislation and policies. This makes it complex to carry out international market studies because what is allowed in one country in its neighbor may not be and vice versa. It is because of this situation that in some investigations a section of legislation is requested because the brands that request them must be aware of the procedures and legal frameworks that they must consider in their business plans in addition to the findings that consumers and competitors throw up.

Measuring the socioeconomic level of Latin American countries represents another challenge for market analysts. Given the differences between associations and national realities, there is still no standardized rule that allows us to make precise equivalences between the classification scales that are currently used. It is true that this situation is not exclusive to LATAM, but in practice it is usually one of the aspects that stands out the most when investigations are carried out in our territory.

Having regional allies who know these and other peculiarities of Latin America is a very valuable asset for those who decide to venture into the region. Acertiva has almost 20 years of experience in LATAM. Write us today so that you can tell us about your needs and we will tell you how we can be your Market Research provider.

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