【正文】 for manufacturers in terms of capabilities and requirements to deliver under different retailer price approaches** Source: Team analysis Match consumer price perception with reality to understand which are the most effective levers for retailers Understand the relative importance of different drivers of consumer price perception, across major consumer segments, product categories, shopping occasions* and selected markets Understand how price ranks among the key factors in the consumer preferred store selection process* 10% of study focus 90% of study focus 2 THE STUDY LEVERAGED THREE MAIN SOURCES OF INFORMATION * AC Nielsen conducted the focus groups in S227。s Ib225。 ? A ? AB ? C1 ? ABC+ ? ABC1 ? Clase alta ? Clase m233。 24 DETAILED SEGMENT DESCRIPTION – S195。o Paulo Buenos Aires 322 93 71 51 Overall A B C 32 SOME RETAILERS “ATTRACT” DISPROPORTIONATE SHARE OF CERTAIN SEGMENTS (2/3) 31423225 25293027223727212724321071021240484Overall 410 59 114 51 37 High ine bargain hunters Range seekers on a budget Avid bargain hunters Source: Consumer survey, team analysis Quality seekers and time savers Indifferent shoppers on a budget 2648181623152818331671814416A B C D Bogot225。 Santiago S227。o Paulo Buenos Aires Santiago Mexico . Bogot225。 HAVE THE LOWEST LOYALTY RATIO OF ALL MARKETS 6258544034S227。dia ? D ? E ? D1 ? D2 ? E ? D/E ? D ? Clase baja 67% of modern format shoppers in S227。ez DS Chile Gonzalo Restrepo 201。241。dia alta ? B ? C ? C2 ? C3 ? C ? C2 ? C3 ? Clase m233。O PAULO Number of respondents, R$ 000, % Source: Consumer survey, team analysis 182189221640391114Avid bargain hunters $ spend Range seekers on a budget Indifferent shoppers on a budget Quality and time High ine bargain hunter Number of consumers Range seekers on a budget ? Average spend: R$ 500 ? Monthly visits to modern format: 16 ? Share of wallet of main retailer: 63% ? Ine level – High: 0% – Medium: 70% – Low: 30% Quality seekers and time savers ? Average spend: R$ 543 ? Monthly visits to modern format: 10 ? Share of wallet of main retailer: 74% ? Ine level – High: 20% – Medium: 75% – Low: 5% Indifferent shoppers on a budget ? Average spend: R$ 327 ? Monthly visits to modern format: 8 ? Share of wallet of main retailer: 71% ? Ine level – High: 6% – Medium: 63% – Low: 32% High ine bargain hunters ? Average spend: R$ 516 ? Monthly visits to modern format: 11 ? Share of wallet of main retailer: 55% ? Ine level – High: 34% – Medium: 66% – Low: 0% 249 565 ? Store format – Hyper: 47% – Super: 19% – Disc.: 35% ? Store format – Hyper: 57% – Super: 3% – Disc.: 40% ? Store format – Hyper: 77% – Super: 12% – Disc.: 11% ? Store format – Hyper: 79% – Super: 12% – Disc.: 10% Avid bargain hunters ? Average spend: R$ 429 ? Monthly visits to modern format: 7 ? Share of wallet of main retailer: 55% ? Ine level – High: 0% – Medium: 66% – Low: 33% ? Store format – Hyper: 55% – Super: 14% – Disc.: 32% Significant deviations from average Bold = Market average ? Average spend: R$ 441 ? Monthly visits to modern format: 9 ? Share of wallet of main retailer: 62% ? Ine level – High: 10% – Medium: 67% – Low: 23% ? Store format – Hyper: 60% – Super: 12% – Disc.: 28% 25 ALTHOUGH OTHER FACTORS VARY IN RELEVANCE, LOCATION AND PRICE ARE THE TWO MOST IMPORTANT FACTORS FOR ALL SEGMENTS Source: Consumer survey Location Promotions Quality of perishable products Assortment Overall product quality Indifferent shoppers on a budget Rangeseekers on a budget Quality seekers and time savers Avid bargain hunters Why did you choose to shop at that particular store? Price % of consumers that selected the factor as important 18119283641577684262463149505271842221527403947708325267404550395280Brand variety Service level Private label quality 292511344446526479High ine bargain hunters 26 BUT SEGMENTS VARY WIDELY IN THE FREQUENCY OF PRICE COMPARISON %, number of respondents High ine bargain hunters Indifferent shopper on a budget Range seeker on a budget Quality seeker and time saver 38242724122118 1315133237444243921161932100% Source: Consumer survey, team analysis Avid Bargain Hunters 493 655 530 493 636 Always Occasionally How often do you pare prices between stores? Never Very often 27 FROM RETAILERS’ STAND POINT, SOME SEGMENTS APPEAR TO BE MORE ATTRACTIVE THAN OTHERS 64038Quality seekers and time savers High ine bargain hunters Indifferent shoppers on a budget Range seekers on a budget Avid bargain hunters Source: Consumer survey Loyalty pared to average Share of wallet of main store 1 4671618Monthly spend Compared to market average ? “Quality seekers and time savers” and “High ine bargain hunters” spend more than any other segment and tend to be more loyal customers ? “Avid Bargain hunters” and “Range seekers on a budget” are the least loyal segments and have small basket sizes % 28 BUENOS AIRES AND BOGOT193。 Santiago Overall A B 521 114 316 Percentage of primary shoppers by segment, main retailers 33 SOME RETAILERS “ATTRACT” DISPROPORTIONATE SHARE OF CERTAIN SEGMENTS (3/3) 12179 97 517329 101617291735243244201721251714231726322721Average A B C D E 495 66 203 57 68 35 High ine bargain hunters Range seekers on