Latin America Consumer: AlphaWise Consumer Survey 2026: Shopping for Discounts

Our proprietary survey shows Brazil & Mexico household confidence remains high, but consumers are selective. Looking ahead, Morgan Stanley LatAm economists see a more constrained consumption backdrop emerging, and the Brazil post-election scenario adds uncertainty. Our 15th AlphaWise Brazil and Mexico Survey provides time series data spanning 2020-26 across sentiment-, behavioral-, and expectations-related indicators. In both Brazil and Mexico, 67% of consumers expect their household financial situations to improve over the next six months, versus only 9% who expect a worsening situation, leaving +58% net optimism spreads. These spreads are broadly stable versus last year and well above results from comparable AlphaWise surveys in China (+36%) and the US (+18%). Despite stated confidence, consumers remain selective: our survey shows stronger grocery and online shopping intentions, but softer appetite for new cars and homes/apartments. Inflation remains the top surveyed concern in both