The way in which Latin American people spend their money changes from country to country. It obviously depends on the economy. It’s not logic to compare economies such as those of Argentina, Colombia or Mexico. As they are not the same, consumers may invest their money in different ways; let’s see if that’s true.
There are many articles online about consumption habits in Latin-Americans that show statistics about that; however, many of them just refer to the crisis and how bad the economy is.
In Argentina for example, due to the fact that there aren’t many options for mortgages and that because of their cost, Argentineans prefer to buy cars. In that order, they invest their money in electrical appliances. They also spend a good part of their salaries on leisure: going out to dinner, to the movies or to the theater.
In Colombia, “plata” which is the colloquial word for money is used to buy houses; it doesn’t matter if you already have one, you can always buy a second one and rent it. Cars are also a very attractive option to spend money on; however, the most important thing is a house. Some people also spend their money on education: bachelor, master program, doctorate and so on. Recently some Colombian people have decided to spend their money in something else: surgery. The most common ones are to improve their nose, to lose some weight but also to gain some in specific parts.
Mexican people spend their money on houses and education as well, cars some after that. Nonetheless we also have to mention fun and going out for dinner. Some people say that they spend lots of money in restaurants. Could that be true?
In Spain people buy also cars because houses are very expensive. Nonetheless, they don’t buy luxurious cars as Germans. The Spanish just need a vehicle not a brand.
Those are just some comments about consumption habits in Latin-Americans; it doesn’t mean that they spend their money only in those things.
How do you spend your money?