Business & Economy

Mastercard: Latin Americans appreciate local business more after Covid-19

Miami, Oct 29 (EFE).- Eighty-seven percent of Latin Americans and Caribbeans are more likely to buy in businesses in their local communities now than a year ago, a trend that has developed in the wake of lockdowns because of the Covid-19 pandemic, according to a study published by the multinational company Mastercard.

Loyalty and solidarity with neighborhood businesses have flourished due to the difficulties experienced because of the pandemic and have resulted in increased spending in fruit and vegetable stores, hairdressers, cafes and bars.

“When people reconnect with their local communities they rediscover a large number of varied and special small businesses in their communities and neighborhoods,” said Daniel Acosta, Vice President of Commercial Products for Mastercard Latin America and the Caribbean.

Acosta said that “economic recovery starts at our doorstep, and local shops and communities play a huge role in helping recovery and a return to growth.”

The role of small business in national economies has been severely affected by the health crisis and that is why Mastercard has allocated $250 million worldwide to help “the local heroes” reemerge within local economies and the global economy.

The multinational payments company has launched initiatives such as Mastercard Digital Allies, a coalition with other companies to accelerate the digitization of small businesses.

In addition, the “Essentials” marketing campaign encourages consumers to buy in local stores with a series of discounts and benefits.

Mastercard conducted a survey in 13 countries in Latin America and the Caribbean, including Brazil, Mexico, Chile, Colombia, Argentina and Peru, to better understand consumption trends and shopping habits after confinement was lifted.

The study showed that 68% of buyers are actively spending money in their local communities to help independent businesses get back on their feet.

Eighty percent said they had discovered new stores in their communities since the start of lockdown.

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