The report highlighted that, in El Salvador, from 2019 to 2022, affluent cardholder discretionary spending grew 143.6% while non-affluent cardholder discretionary spending grew 77.2%, a difference of 66 percentage points.

In Honduras, from 2019 to 2022, affluent cardholder discretionary spending grew 227.6% while non-affluent cardholder discretionary spending grew 88.8%, a difference of 139 percentage points.

The report adds that companies with an omnichannel presence are more likely to withstand turbulence by serving the customer where they want to shop. Our analysis suggests that having a multichannel presence provided a 6 percentage point increase in retail sales through 2022. Small and large restaurants were saved from losing an additional 31% of sales during peak confinements by their omnichannel presence.

Similarly, small omnichannel apparel stores outperformed online-only and physical-only businesses, growing 10% and 26% faster, respectively.

At the peak of the pandemic, large restaurants with omnichannel operations saw a 44.1% decline in consumer growth compared to 2018, while their counterparts operating only in-person saw consumer growth decline by 70.2% during the same time. While overall mobility has largely returned to pre-pandemic levels and reliance on the online sales channel has declined, we expect to see omnichannel restaurants continue to outperform as consumers continue to purchase food online at a higher rate than before the pandemic.

The report notes that overall spending should remain resilient in the face of inflation, with consumers choosing affordable brands and looking for the best value for money. Globally, grocery shoppers made 31% more trips to the store this year compared to 2019-in part to reduce food waste-while their average spend per visit is about 9% lower 2.

○ Latin America and the Caribbean:

■ In september 2022, consumers in Mexico increased their grocery store visits by 81.4% compared to September 2019, but spent 22% less per visit.

■ As of september 2022, consumers in Mexico increased their discretionary retail shopping trips by 13.2% compared to september 2019, but spent 19.4% less per visit.

■ As of september 2022, consumers in Mexico increased their restaurant outings by 44.3% compared to september 2019, and also spent 20.3% more per visit.

■ As of september 2022, consumers in Brazil increased their visits to grocery stores by 22.1% compared to september 2019, but spent 3.3% less per visit.

■ As of september 2022, consumers in Brazil decreased their discretionary retail shopping trips by 30.5% compared to september 2019, but spent 9.4% more per visit.

■ As of september 2022, consumers in Brazil decreased their restaurant outings by 4.1% compared to september 2019, but spent 18.5% more per visit.

Key findings include:

After years of a real estate boom, higher interest rates are expected to reduce cost-of-living budgets, changing the way consumers spend overall. In major developed countries, we forecast housing-related spending as a percentage of assets to fall by 4.5% 1 over the course of 2023, below pre-pandemic levels.

Translated by: A.M