Special Report: The Latin American middle class (ISSN 17414474)

International and locally based companies need to understand the changing Latin American middle classes to optimise their product development and marketing strategies. One recommendation is that they should base their approach on market segmentation by age groups. A retail consumer markets survey by Nielsen segments the adult Latin American consumer market into four main groups: the Millennials (aged 21-34 in 2017 and representing 33.8% of the total); Generation X (aged 35-49, representing 31.4% of the total); the baby boomers (aged 50-64 years, 21.8%); and the ‘silent generation’ (aged 65-plus, accounting for 13.0% of the total). Across these age groups, the study say there is a comparatively strong demand for premium products. Millennials are particularly interested in hair care; Generation X in oral care products; baby boomers in dairy products; and the ‘silent generation’ in both dairy products and body care items.