1. The Covid-19 pandemic will continue to impact the Chilean economy, with a slow recovery expected for household spending,weighed down by a high unemployment rate over the forecast period (2020-2024).2. We note that household spending was already coming under pressure in 2019, due to the global economic slowdown anda wave of anti-government protests, which still remain a risk to outlook in the lead up to the next elections in 2021.3. As pressure is placed on Chilean purchasing power and consumers are increasingly price sensitive, they are seeking to tradedown price points and deals. Demand is therefore accelerating for discount and wholesale mass grocery retail (MGR).
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