Price Takes Backseat as Purchase Driver, Says Atenas Group’s Alexander Cabrera
CARACAS – Price is no longer the primary determinant in Venezuelan consumer purchasing decisions, according to Alexander Cabrera, a partner at Atenas Group. Speaking at a recent event, Cabrera detailed a shift in consumer behavior driven by factors beyond cost, including brand reputation, product quality, and customer service. This marks a notable change in a market historically dominated by price sensitivity.
Cabrera explained that while economic pressures remain substantial, Venezuelan consumers are increasingly prioritizing value – a combination of price and non-price attributes – when making choices. This trend,he noted,presents both challenges and opportunities for businesses operating in the country. He further elaborated that companies focusing solely on offering the lowest price may find themselves at a disadvantage against competitors who invest in building stronger brands and delivering superior customer experiences.
The Atenas Group partner highlighted that this evolution is particularly noticeable in sectors where differentiation is possible, such as consumer goods and services. He emphasized the importance of understanding evolving consumer preferences and adapting business strategies accordingly to capitalize on this new dynamic.
