Market TRENDS
Ipsos uses tools to map the characteristic features of different types of consumers in Ecuador and better understand their motivations and the influence of surroundings.
How is the general profile of the Ecuadorian consumer evolving as the country's economic prospects improve?
As economic expectations improve, it becomes imperative to disuses the new visions of the consumer, their national pride, how they value the actions of brands, and how they align with corporate purposes, and the intelligence of the production sector to find that point where the dynamics of the market generate positive synergies. Many Ecuadorians switched brands in response to what they were bringing to the market. Brand loyalty shifted substantially during the crisis, and this mobility will remain in the future. Attention has focused on products’ expiration dates and places of origin to avoid bad choices. Now, although the economic situation has improved, the behavior continues. Another interesting change in habits involves the place of purchase. The flourishing of home delivery services marks a trend that will continue as a new option for consumers. One element that has contributed to the solution of the crisis is that Ecuadorians are proud and value their origins and culture.
What tools does Ipsos use to map the characteristic features of different types of consumers in Ecuador?
To understand the consumer, the key is to use tools that go beyond understanding the obvious and that work on deep motivations and the influence of surroundings. These modern, technological, innovative tools can be positioned close to the consumer; however, the use of data collection tools—such as the technological monitoring of networks, the analysis of the way in which digital channels are used, the understanding of how we live in a fluid environment where multichannel is part of everyday life, or the use of big data-analysis platforms or neural analysis tools such as eye trackers and facial coding—is not enough. For Ipsos, the fundamental thing to understand how decisions are made in the market is to have a philosophical position on the study of individuals, groups, and societies and to put the person at the center of a 360-degree perspective that promotes analysis and the understanding of deep motivations, values, and beliefs. Thinking about the consumer, using the latest tools, discussing a diversity of visions, solidly establishing the consumer’s motivations, and designing strategies based on that knowledge will result in a win-win relationship with your clients in a way that is both socially and environmentally responsible.
What specific data raised by Ipsos reflect the current economic optimism in Ecuador?
Ecuadorians value more than anything else their families and having a job; they are the engines that feed the country’s dynamism. The Ecuadorian consumer always has ambitions, dreams, and aspirations to get something more out of life. They generate trust and energize the market because industry and the supply of products and services have adapted their strategies to attract and satisfy their customers, always with a vision of a better future. In general, times of national economic prosperity have given way to seasons of accelerated consumption and the search for more sophisticated and expensive goods. The real estate business seems to have changed substantially. The development of new housing options away from the densest cities has helped revitalize this sector. The use of technology spread to new areas and the internet became a space for market negotiation, and that introduced new behaviors that are expressed through the search for improvements in technological devices and tools as the economic situation improves. Basic necessities, such as food, health, and household products, took center stage, displacing expenses that now seemed frivolous and that confinement made almost impossible. Once the confinement is lifted, the consumer no longer dismisses spending things like beauty and fashion, which have regained their relevance. A more thoughtful and responsible attitude toward consumption is clearly recognizable, typical of a more mature market attitude that implies less risk for the entrepreneur. There is greater awareness about environmental sustainability and social inequality, and brands that have been visibly responsive to the crisis are now valued more by consumers.