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ARGENTINA THOUGHT LEADERSHIP TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 ARGENTINA KEEPS BUILDING ITS OWN LABYRINTH KEY FACTS Capital City Currency Buenos Aires ARGENTINE NEW PESO Area 2.78 million km 2 Population (THOUSAND) 418,000 (2014) Population growth rate (ANNUAL) 0.8% (2010-2015) ANNUAL GDP AT CURRENT PRICES Total at current prices: US$ 540 million (2014) GDP per capita (annual dollars): US$ 12,922 (2014) Growth rate: 0.5% (2014) Country’s share in regional GDP: 11.3% (2014) We are sure about one thing: after twelve years managing the country from the Pink House, the Kirchner family is leaving the government in December, after the general elections that will be held in October. But… are they going to give up power? JULIO FRESNO APARICIO Managing Director Millward Brown, Argentina Julio.Aparicio@millwardbrown.com Either Buenos Aires Province Governor Daniel Scioli, a follower of Kirchner policies, or Buenos Aires City Mayor Mauricio Macri – the main representative of the opposition to the government – will assume the Presidency of the Republic in a few months. And even though the main question should be whether they will change the current policies or not, the real issue is whether they will have the capacity to get rid of the inherited way of doing politics in Argentina. The main macroeconomic indicators (GDP, employment, exports/imports) are not showing a clear reaction. The industrial activity has been declining for several periods in a row, and the private sector is not creating many new jobs. The monetary expansion is not followed by an increase in the level of reserves at Central Bank, so the currency price is slowly trickling day by day. On top of that, tax pressure and the growth in raw material and conversion costs are shrinking the margins. In spite of the stagnation of consumption, inflation rates remain amongst the highest in the world, forcing consumers to boost creativity in order to protect their purchasing power. Consumers have been struggling with high inflation rates since 2008, continuously adapting their consumption patterns and habits. Nonetheless, the defensive techniques have evolved and behaviors have become even more unpredictable. Life expectancy 76 years (2013) Literacy rate of 15-24 year olds 99.2% (2012) Unemployment rate 7.1% (2013) 7.4% (2014) CONSUMERS ARE SAVING, NOT SPENDING Under this political and economic uncertainty, consumers are much more selective in their spending, and they look for special prices and promotions before deciding on a purchase. In 2012 and 2013 there was an impressive demand for cars, electronic devices and big-ticket items in general as a defensive strategy for fighting inflation, the devaluation of the local currency and the reduced financing options. But in 2014 and during the first half of 2015, consumers have been choosing to save more. In other words, they have turned from spendthrift to thrifty. Actually, we are observing two apparently contradictory trends: more shoppers buying only what they need for the next few days (careful consumers) and at the same time, more shoppers buying a large amount of items in wholesalers, since they recognize that they can save up to 30% by buying in bulk compared to supermarkets and hypermarkets. As a consequence of these changes, we are starting to naturalize peculiar behaviors: a consumer, even from a high socioeconomic level, might buy a pack of frozen hamburgers in a hard discount shop, a bottle of Malbec wine in a Chinesearound-the-corner store, and a six-pack of Coke in a wholesaler or another supermarket just to save a few pesos. Net foreign direct investment: US$7.9 billion (2014) US$4.5 billion (2015) Sources: CEPAL, Comisión Económica ONU CEPASTAT – Database and Statistical Publications Financial Times Latin America & Caribbean World Bank Unesco QUALITY STILL COUNTS However, looking for the best deal does not necessarily mean that quality is less relevant. Argentinian consumers want no substitutes for self-indulgence and reward; they want to enjoy the money now, but in a clever and convenient way. And tourism is a great example of this: many people are spending money on expensive trips to exotic or glamorous destinations, but they wait for the right moment to buy the tickets, in general, after an exhaustive search for promotions (and of course, paying in twelve installments in local currency, expecting a devaluation of the peso after the elections.) In conclusion, despite the negative context you can never be pessimistic about the long term development of this market. Regardless of the current difficulties, there are signs of a great hidden potential: Argentina holds the highest broadband and smartphone penetration levels in Latin America, and it ranks third globally in the use of social media networks, according to ComScore. There are forces merely sleeping out there, and islands of underdeveloped talent that only need an initial spark and predictable game rules to get connected and expand. 28 29
ARGENTINA KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015 TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 BRANDZ TM TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015 BRAND VALUE Total Value of Argentinian Brands US$ 4.6 BILLION Brand Value Change 2014-2015 +29% Source: Millward Brown Vermeer # Brand 1 2 3 4 5 Brand Value (US$ Mil.) 2015 2014 Brand Contribution Index Brand Value Change 2014-2015 1,575 1,545 1 2% Oil & Gas 1,069 766 3 40% Communication Providers 729 649 5 12% 656 - 3 Beer NEW ENTRY 613 439 3 40% Banks Communication Providers Source: Millward Brown and BrandZ 1 2 PARENT COMPANY YPF HEADQUARTERS Buenos Aires INDUSTRY Oil & Gas YEAR OF FOUNDATION 1922 WEBSITE www.ypf.com BRAND VALUE US $1,575 million YPF is Argentina’s leading energy company and largest fuel producer. It operates a fully integrated oil and gas business with leading market positions across the domestic upstream and downstream segments. Upstream operations include the exploration, development and production of crude oil, natural gas and propane. Downstream operations are focused on refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, propane and bio-fuels. YPF operates a network of more than 1,600 filling stations and has the ability to produce 530,000 barrels of oil daily from 91 production areas transported by 2,700 kilometers (1,677 miles) of pipeline. The company was founded in 1922 and operated as a state run enterprise until 1993 when a public offering reduced the government’s ownership stake to a minority position. In 1999, Spain’s Repsol acquired majority ownership of YPF, but early in 2012 the government reasserted ownership with a presidential decree to nationalize YPF. PARENT COMPANY The Telecom Group HEADQUARTERS Buenos Aires INDUSTRY Communication Providers YEAR OF FOUNDATION 1990 WEBSITE www.telecom.com.ar BRAND VALUE US $1,069 million Personal is the mobile brand of The Telecom Group. Personal has 18.2 million customers in Argentina and nearly 70% of those rely on the company’s prepaid service. Personal drives brand awareness through sponsorship of signature events, such as the annual Personal Fest musical festival that draws roughly 70,000 attendees over two days. The company offers products for different segments of the market, from the high end Personal Black handset to the more value priced Personal Touch smartphone offering. The brand also seeks to drive loyalty through its Club Personal program. Personal’s parent company The Telecom Group was created in 1990 when the government allowed public ownership of the previously state run enterprise. Its shares are traded on the New York Stock Exchange under the symbol TEO 30 31
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Page 16 and 17: ARGENTINA KEY FACTS AND TOP 5 MOST
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PERU KEY FACTS AND TOP 12 MOST VALU
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RESOURCES BRANDZ VALUATION METHODOL
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RESOURCES CONTRIBUTORS TOP 50 MOST
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