Over the last three years Bolivia has witnessed an economic slowdown, prompting home care companies to maintain low prices and stretch margins to succeed and maintain consumers’ interest. During 2018 the situation changed little, with companies continuously offering discounts, extra volume and extending distribution to preserve positive sales growth.
Bolivian consumers’ lifestyles are changing in line with expansion of urban areas in main cities and the growing presence of women in the labour force; for this reason, lack of time during daily routines encourages people to look for products that will solve their needs with little effort. Companies in home care that have adapted their offer to better meet this trend have enjoyed success while others that have not adapted are likely to disappear in the long term.
The economic situation in Bolivia have been challenging during the last three years, and companies have made strong efforts to maintain positive sales results by slightly increasing prices, offering new economic packaging presentations, constant extra volume promotions, reducing profits margins and looking to better optimise operating costs. In this way, imported products have been discouraged by several changes in customs policies resulting in extra costs and delays; consumers have a good quality perception of imported products to provide better cleaning results but imported brands have a price disadvantage that limits their sales mainly to the modern channel.
The Bolivian market has been concentrated for decades around the traditional channel with a strong presence across the country; on the other hand, the modern channel has been pushed by urbanisation and internal migration to the main cities resulting in an increasing number of chained supermarkets/hypermarkets. Some categories within home care were traditionally focused on modern distribution, because many were not considered essential by a large proportion of the population.
Government official statistics suggest that Bolivia’s GDP grew by 4.6% from July 2017 to June 2018; this rate is enough to meet the goal of DS1802 to grant the "doble aguinaldo" bonus which is usually paid by employers at the end of the year, but because of this economic indicator this year’s bonus should be doubled, for employees in both public and private sectors.
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This industry report originates from Passport, our Home Care market research database.