【正文】 cular 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。o Paulo Santiago Mexico Bogota Buenos Aires Average loyalty ratio* * Share of wallet of main store Source: Consumer survey 29 SHOPPING BEHAVIOR BY SEGMENT AND MARKET 30045060025 50 75 100Average basket size (vertical axis) vs. loyalty index* (horizontal axis) * Share of wallet of main store Source: Consumer survey S227。 (COP) 1 . 2 5 01 . 7 5 02 . 2 5 025 50 75 100Mexico (MXN) 30045060025 50 75 100Buenos Aires (ARS) Quality HIBH Range Avid BH Indifferent Quality HIBH Indifferent Avid BH Range Quality HIBH Range Indifferent Avid BH HIBH Quality Indifferent Avid BH Range Quality HIBH Indifferent Avid BH Range ?Quality seekers and High ine bargain hunters spend more than any other segment across all markets and generally have the highest loyalty ratio ?Avid bargain hunters and range seekers on a budget tend to spend less than all other segments and are also less loyal customers ?On average, S227。 lower tend towards discounters hyper 31 SOME RETAILERS “ATTRACT” DISPROPORTIONATE SHARE OF CERTAIN SEGMENTS (1/3) 122319641819827342213229283914402642274638Overall A B C D 543 74 90 47 93 High ine bargain hunters Range seekers on a budget Avid bargain hunters 100% Source: Consumer survey, team analysis Quality seekers and time savers Indifferent shoppers on a budget Percentage of primary shoppers by segment, main retailers 16 16141825198131020182219261131 3021612S227。 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 a budget Avid bargain hunters 100% Source: Consumer survey, team analysis Quality seekers and time savers Indifferent shoppers on a budget Mexico Percentage of primary shoppers by segment, main retailers 34 McKINSEY PROPRIETARY RESEARCH IDENTIFIED SEVEN SEGMENTS IN THE . GROCERY RETAIL MARKET Shop around at many different stores to hunt down the latest special Want broad selection and national brands for a low price Use coupons 100% of the time, usually at a store close to home Pure Price Willing to pay more and drive farther for quality and service Want great service and ambience at any cost Willing to pay more to get in and out quickly at a store close to home Use every means available to get the lowest price – will not pay more for anything Bargain Hunters Selection for Less Coupon Clippers Quality Superior Experience Convenience Source: McKinsey North American Retail Practice 35 LATIN AMERICA SEGMENTS ARE FAIRLY SIMILAR TO THOSE IN THE . Selection for Less (12%) Coupon Clippers (10%) Quality (14%) Superior Experience (20%) Convenience (22%) Source: Team analysis Rangeseekers on a budget (22%) Quality seekers and time savers (21%) United States Latin America ( ) Percentage of total spend Bargain Hunters (10%) Highine bargain hunters (20%) Avid bargain hunters (20%) ? In Latin America, “more price oriented segments” are significantly larger than in the ., noticeably “Bargain Hunters” even adding the “Coupon Clippers” in the US ? Segments broadly similar in key characteristics Pure Price (12%) Indifferent shoppers on a budget (17%) 79% 44% 56% 21% More price oriented Less price oriented ? “Less price oriented” segments in the . more defined and significantly larger share of total population than in Latin America S 36 KEY TAKEAWAYS FROM STUDY 1. Latin America: diversity of consumers, and not just in the depth of their pockets 2. The few key levers that matter in building price perception – and the one that doesn’t 3. Consumers (mostly) getting it right in their search for value 4. Retailers have an opportunity to get it right more often in their search for a better price proposition 37 MAIN MESSAGES ? Reference price, range a