The presidential elections created optimistic economic expectations for 2018; however, during the year consumers did not gain the necessary confidence to increase their retail expenditure. A reflection of the more pessimistic outlook was the fact that the Economic Expectation Survey, carried out by the Central Bank, continuously reduced the growth estimates for Chile for 2019.
In 2017, Amazon announced its intention to offer its Amazon Prime Now service in Chile, creating a threat to the main players in retailing, which had to quickly rethink their online strategies. After almost a year of uncertainty, Amazon decided to launch its Latin American service in Colombia instead; however, its announcement had already had a deep effect on Chilean retailers’ mentality.
In the last couple of years, Argentinians could find cheaper prices for appliances, electronics and apparel in Chile, which explains why so many middle- and upper-middle-income consumers considered Chile as a main shopping destination. Most products were priced 40-60% lower in Chile than in Argentina, which pushed retail growth of appliances, electronics and apparel in the country.
The high penetration of smartphones in the country, together with consumers seeking immediacy and comfort, has created a perfect scenario for the boom in delivery services companies. Historically, retailers were unable to provide an efficient service; therefore, third party companies that specialise in these types of logistics have successfully been able to connect consumers with networks that manage to fulfil their delivery expectations.
Despite 2018 seeing the slowest current value increase in retailing the review period, the pace of growth is expected to gradually pick up during the forecast period, leading to a higher CAGR in the forecast period than was seen in the review period. Grocery retailers is expected to see slightly higher growth than non-grocery retailers, due to the essential nature of the products sold in the former.
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Discover the latest market trends and uncover sources of future market growth for the Retailing industry in Chile with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Retailing market research database.