The Latin American economy as a whole is dominated by the primary industry. It is rich in various resources such as oil, gold, silver and copper, and mostly grows cash crops such as soybeans and corn. However, the manufacturing industry is relatively backward.
It is impossible for local retailers in Latin America to purchase a full range of products from famous brand manufacturers in large quantities without the support of market sales. It is also difficult for local retailers to obtain the latest products, which makes the replacement of local products slower (for international supply). Among international sellers, some are close to the source of goods, and some can manufacture and produce by themselves. Through cross-border e-commerce platforms, the latest products can also be circulated into the Latin American market, and Latin American consumers also have this demand.
According to the latest United Nations estimates, the current population of Latin America has exceeded 600 million. More importantly, the average age of the Latin American population is around 27 years old, making it one of the youngest regions in the world. Their consumption philosophy is not like China’s. They don’t save money to buy a house, but are more willing to spend money to buy things they like.