The news of the week in Panama was the general elections, so we present some of the Panamanian consumer trends projected to take hold in the coming months, which small and medium enterprises (SMEs) have to take into consideration:
Reputation and trust, the keys to consumer confidence
A clear trend this 2019 is skepticism towards old promotional formulas. Studies such as the Edelman Trust Barometer indicate that trust in brands and companies is not decreasing, however it is a point of attention to work on.
Faced with a more critical view of the general consumer, your business must plan communication strategies towards the market that does not yet know your brand, as well as work on building loyalty of current customers and plan responses to crises if any particular case occurs.
Millennials and Gen Z, informed generations
The rise in trends like #InformedVote this year showed the change in the younger generations. They have become informed consumers, not just expectant of the technological innovations that they can adopt against their competition.
This group is more critical of global trends, such as environmental care, and will demand corporate compliance and best practices.
Meet the brands that the new Gen Z trusts the most
Customer Service evolves to Customer Experience
We share this consumer trend in a previous article: consumers expect quick responses during the buying process, with a team that proactively addresses their needs.
Additionally, the follow-up that they demand within the commercial relationship suggests that each business should bet on a personalized follow-up to even to anticipate the needs of their customers.
Tax and fiscal updates
The semester predicts updates on tax, fiscal and economic issues. In Panama, the most discussed topics include the changes in the IFRS for SMEs and the Tax Procedure Code which regulates the relationship between the Treasury and the taxpayer, introduced in recent months.
What trends do you see in the corporate environment, in view of the change of government? Share with us your comments and expectations.