From BOP to emerging middle classes in Latin America
Euromonitor International, United Kingdom
Latin America is a consumer market worth US$3,646 billion with a population of 611 million. The region is a similar size to China as a consumer market, but in per capita terms consumer expenditure is far higher in Latin America than in China which makes it an attractive destination for businesses operating in the consumer goods' arena. The region's chief advantages include natural resources, a young population, proximity to the US – the world's largest consumer market – and increasing economic stability. The largest economy in the region is Brazil which accounted for 39% of all Latin American consumer spending in 2013, followed by Mexico (21%); but smaller, fast-growing markets such as Colombia and Peru have been receiving more and more investor attention.