{"id":11380,"date":"2014-09-11T08:26:07","date_gmt":"2014-09-11T13:26:07","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=11380"},"modified":"2014-09-11T08:26:07","modified_gmt":"2014-09-11T13:26:07","slug":"latin-america-the-valley-girl-of-global-markets","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/latin-america-the-valley-girl-of-global-markets\/","title":{"rendered":"Latin America: The Valley Girl of Global Markets"},"content":{"rendered":"

\"valley<\/a><\/p>\n

Here is an interesting article sent to me from Latinvex<\/a><\/p>\n

The Valley Girl (LatAm) has taken to dating its opposite: a less resource\u00a0endowed, unglamorous, penny pinching, tech savvy, highly studious older fellow known to the world as China.\u00a0(Photo: AMI)<\/strong><\/p>\n\n\n\n
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Latin America in many ways is like the image of the California Valley Girl.<\/strong><\/p>\n

BY JOHN PRICE<\/strong><\/p>\n

If the Latin American market could be symbolized by one single character, the California Valley Girl might fit the bill.\u00a0 It\u2019s a simplistic, even insulting stereotype, but one that stands up to statistical scrutiny, specifically an analysis of Latin America\u2019s share of the globe in different product usage, asset classes, and investment flows.\u00a0 After a decade of impressive growth and strengthened currencies, Latin America is today a middle income region with roughly 8 percent of the world\u2019s population and 8 percent of its GDP.\u00a0 Where Latin America performs above or below the 8 percent share of the globe is indicative of its relative strengths and weaknesses.<\/p>\n

 
\n<\/p>\n

<\/strong>WELL ENDOWED<\/strong><\/p>\n

Latin America is home to a quarter of the world\u2019s arable land but only produces 11 percent of its food value.\u00a0 Similarly, the region has more than 20 percent of the globe\u2019s proven oil reserves but extracts less than 14 percent of total petroleum volumes.\u00a0 A long legacy of resource colonialism, stretching from Pizarro to Rockefeller continues to poison the region\u2019s political discourse, denying investors stability and consistency.\u00a0 The exception is Chile, whose laudable mining laws and copper financed rainy day fund have proven pivotal in creating Latin America\u2019s only first world nation.\u00a0 Ambitious nations like Colombia and Peru try to emulate Chile\u2019s approach but with higher corruption levels, the windfalls of mining are less likely to reach local communities, let alone support a sovereign fund.\u00a0 Commodities are the obvious source of Latin America\u2019s competitiveness but until Latin America\u2019s political class embraces the sector and builds an attractive long term investment climate, the region will never realize its wealth potential.<\/p>\n

GLAMOROUS<\/strong><\/p>\n

Latin American women are fascinated by beauty.\u00a0\u00a0 They are three times more likely than the rest of the world to go under the knife to enhance their looks.\u00a0 They spend well beyond their means on beauty products, helping to develop several world class homegrown cosmetics companies, such as Natura, which grossed over $3 billion USD in 2013.\u00a0 Colombia has developed a thriving cosmetic surgery tourism industry, generating close to $100 million in export revenue per year.<\/p>\n

In spite of security concerns, Latin Americans like to parade their status.\u00a0 Luxury goods outperform in the region if the calculation includes luxury goods purchased by affluent Latin Americans when they travel abroad, in some categories and brands garnering 15+ percent of global sales.\u00a0 According to the Financial Times, the number of retail luxury stores in Latin America grew 24 percent from 2011-13, more than any region in the world.\u00a0 Latin American credit card spending, which grew at CAGR levels north of 20 percent over the last decade has done wonders for the mass luxury segment.<\/p>\n

SOCIABLE<\/strong><\/p>\n

Latin Americans love to chat.\u00a0 Brazil is now the 3rd<\/sup> largest cellphone market after China and the US.\u00a0 Brazil and Mexico are Facebook\u2019s 3rd<\/sup> and 5th<\/sup> largest markets respectfully.\u00a0 More than any other emerging market region, Latin Americans are heavy long distance dialers.\u00a0 Many of their international calls are with relatives abroad (mostly the US) that send over $60 billion per year to the region.\u00a0 Latin America is the most developed remittance market in the world.<\/p>\n

TECHNOLICALLY CHALLENGED<\/strong><\/p>\n

While Latin Americans love their cellphone, they are less enamored with computers and tablets.\u00a0 The sale of both items underperforms in the region.\u00a0 Similarly, software sales, both to consumer and business do poorly in Latin America.\u00a0 One obstacle to both hardware and software sales is the lack of credit cards and other forms of financing available to 70 percent of the population.\u00a0 Purchasing a $2,000 computer with cash is a daunting challenge for someone earning only $10,000 per year.\u00a0 Software companies are also afraid of piracy.\u00a0 Anywhere from 50-80 percent of computer software used on personal computers in Latin America is pirated.\u00a0 Some global software firms stay out of the region altogether.\u00a0 Only a handful make the necessary investment to translate into local language, much less support sales with a robust distribution model and technical support.\u00a0 A recent McKinsey study showed how productivity gains in large Mexican firms outpaced those of smaller firms.\u00a0 The differentiator is technology, which larger firms adopt at a faster pace.<\/p>\n

NOT VERY STUDIOUS<\/strong><\/p>\n

Latin Americans are known for their creativity in the arts and even in business where complexities must be ingeniously navigated.\u00a0 But all that creative energy produces little in the way of marketable ideas.\u00a0 Latin America is responsible for a paltry 3 percent of R&D spending and yield a similar level of patents.\u00a0 There are universities in the USA that singlehandedly produce more patents each year than all Latin American academia, government and private sector efforts combined.\u00a0 Too many Latin American inventors and designers migrate abroad (usually to California) to develop their ideas because they have little faith in the legal defense of their patents and trademarks at home.<\/p>\n

Less understandable is Latin America\u2019s underperformance in all things written.\u00a0\u00a0 The region\u2019s publishing industry continues to fall behind the rest of the world, publishing only 5.2 percent of the world\u2019s titles, many of which are translated versions of original works written elsewhere.\u00a0 In Mexico, there is only one bookstore for every 70,000 people.\u00a0 Latins read fewer newspapers than the rest of the world, printed or online.\u00a0 E-publishing and reading is even less prevalent, whereby Latin America contributes less than 1 percent of the global market.\u00a0\u00a0 What is most galling about these statistics is that Latin American governments spend heavily on public education.\u00a0 Argentina, Brazil and Mexico governments all spend a higher percentage of GDP on schooling than Canada, Germany, China, Russia or Japan.<\/p>\n

DATING THE GEEK<\/strong><\/p>\n

International trade is a bit like love in that opposites often attract.\u00a0\u00a0 Not surprisingly, the Valley Girl (LatAm) has taken to dating its opposite: a less resource\u00a0endowed, unglamorous, penny pinching, tech savvy, highly studious older fellow known to the world as China.<\/p>\n

John Price is the managing director of Americas Market Intelligence <\/a>and a 22-year veteran of Latin American competitive intelligence and strategy consulting. jprice@americasmi.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Here is an interesting article sent to me from Latinvex The Valley Girl (LatAm) has taken to dating<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11380","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nLatin America: The Valley Girl of Global Markets -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/latin-america-the-valley-girl-of-global-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latin America: The Valley Girl of Global Markets\" \/>\n<meta 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