Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Chile.

1. A u g u s t 2 0 2 0
Chile’s
Consumer Pulse

2. 2200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

3. 3200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

4. Un mes atrás… Hoy…Un mes atrás… Hoy…
¿Cómo se están sintiendo los Chilenos?
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513)

5. 5200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
People are still following government recommendations of
social distancing, minimizing the possible effect of the virus
Essential workers are a small percentage of the workforce, most
people are WFH or not working at all
Sustained lockdown compliance and working out of home levels in Chile
Lockdown is slightly
more flexible outside
Región Metropolitana
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
C O N S U M E R S E N T I M E N T
May June July May June July

6. 6200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Chile became slightly less pessimistic about the pandemic duration and financial
impact
Expectations about the duration of the pandemic have only
changed slightly in comparison to June
So far, expectations on the financial impact of the pandemic are
worse than actual impact
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
Real
impact
Expected impact
82%
80%
C O N S U M E R S E N T I M E N T

7. 7200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Most consumers expect to be economically hindered due to COVID, specially in low
income groups
Note: Question: How much do you expect Coronavirus will impact your household income? | Low income includes households with a monthly income lower than CL$700,000; Mid income are households with a monthly income between CL$700,001 -
CL$3,000,000; High income are households with a monthly income higher than CL$3,000,001 | Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
Expected financial impact
Percentage of respondents (%)
Expected financial impact by income level
Percentage of respondents (%)
C O N S U M E R S E N T I M E N T
Low income Mid income High income

8. 8200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

9. 9200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Routines keep on being affected by COVID: consumers are still spending more time
on digital entertainment and less time working
Activities:
Pre-Covid
June
Hour spent per day
breakdown
Indoor exercise replaced outdoor and gym
as people are cautious and many facilities
remain closed
Indoor
entertainment
Mahjong, spend
time with family
Digital
entertainment
On mobile, laptop,
TV and gaming
devices
Daily necessity
Sleep, eat,
personal hygiene
etc.
Work and study
Meetings, learning,
finish work tasks
along or
collaboration
Outdoor
activities
Exercise, jogging,
social gathering
Indoor exercise
Yoga, push ups
Transport
Public or own
transportation
Change in time
(June/ Pre-Covid
in minutes)
+79 -48 +56 +20 +14 -65
Note: May/June/July survey results adjusted to be comparable with pre-covid results from April’s survey
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
May
-68
T I M E A L L O C A T I O N
April
July

10. 10200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
T I M E A L L O C A T I O N
Large numbers of consumers keep trying new activities and expect to maintain them
as new habits
First attempts since the epidemic started (% of respondents)
Try online banking
38%
Try online banking
41%38% 41%
Pay for online
entertainment
33%
Pay for online
entertainment
31%28% 30%
Work from home
softwares
32%
Work from home
softwares
38%37% 39%
Online education
courses
34%
Online education
courses
33%29% 35%
Watch live broadcast
through mobile
39%
Watch live broadcast
through mobile
33%31% 31%
Social e-commerce/
Community groups
15%
Social e-commerce/
Community groups
25%23% 26%
Order a meal through
an app
17%
Order a meal through
an app
26%24% 26%
Online medical
consultation
Online medical
consultation
15% 17%
Buy groceries online
13%
Buy groceries
online
39%33% 34%
Buy indoor fitness
equipment
5%
Buy indoor fitness
equipment
11%10% 8%32%19%
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit

11. 11200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Large numbers of consumers keep trying new activities and expect to maintain them
as new habits
First attempts since the epidemic started (% of respondents)
T I M E A L L O C A T I O N A G E
18-34 31% 31% 36%
35-54 38% 37% 40%
+55 45% 55% 48%
18-34 42% 40% 44%
35-54 35% 34% 40%
+55 32% 40% 28%
18-34 37% 39% 47%
35-54 27% 26% 29%
+55 22% 37% 22%
18-34 32% 33% 42%
35-54 31% 30% 37%
+55 35% 37% 37%
18-34 31% 31% 34%
35-54 30% 29% 33%
+55 34% 30% 34%
18-34 30% 31% 36%
35-54 32% 27% 33%
+55 22% 30% 24%
18-34 25% 27% 29%
35-54 23% 24% 28%
+55 25% 26% 19%
18-34 21% 24% 29%
35-54 24% 28% 28%
+55 25% 24% 18%
18-34 15% 16% 19%
35-54 15% 14% 21%
+55 15% 20% 16%
18-34 12% 10% 17%
35-54 10% 7% 8%
+55 6% 8% 7%
Try online bankingTry online banking
Pay for online
entertainment
Pay for online
entertainment
Work from home
softwares
Work from home
softwares
Online education
courses
Online education
courses
Watch live broadcast
through mobile
Watch live broadcast
through mobile
Social e-commerce/
Community groups
Social e-commerce/
Community groups
Order a meal through
an app
Order a meal through
an app
Online medical
consultation
Online medical
consultation
Buy groceries online
Buy groceries
online
Buy indoor fitness
equipment
Buy indoor fitness
equipment
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
38%41%38% 41%
33%31%28% 30%
32%38%37% 39% 34%33%29% 35% 39%33%31% 31%
15%25%23% 26%17%26%24% 26% 15% 17%
13%39%33% 34%
5%11%10% 8%32%19%
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit

12. 12200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Large numbers of consumers keep trying new activities and expect to maintain them
as new habits
First attempts since the epidemic started (% of respondents)
T I M E A L L O C A T I O N I N C O M E
Low 41% 45% 42%
Mid 34% 28% 40%
High 39% 7% 31%
Low 26% 33% 25%
Mid 47% 36% 49%
High 48% 14% 79%
Low 37% 34% 27%
Mid 27% 28% 41%
High 22% 8% 37%
Low 26% 31% 33%
Mid 39% 29% 45%
High 44% 9% 54%
Low 32% 31% 32%
Mid 32% 25% 35%
High 19% 5% 43%
Low 26% 32% 29%
Mid 30% 23% 34%
High 29% 7% 23%
Low 18% 21% 20%
Mid 30% 25% 31%
High 37% 10% 41%
Low 23% 27% 23%
Mid 25% 19% 28%
High 20% 10% 27%
Low 13% 15% 16%
Mid 18% 14% 21%
High 20% 6% 38%
Low 6% 7% 8%
Mid 12% 8% 13%
High 19% 4% 18%
Try online bankingTry online banking
Pay for online
entertainment
Pay for online
entertainment
Work from home
softwares
Work from home
softwares
Online education
courses
Online education
courses
Watch live broadcast
through mobile
Watch live broadcast
through mobile
Social e-commerce/
Community groups
Social e-commerce/
Community groups
Order a meal through
an app
Order a meal through
an app
Online medical
consultation
Online medical
consultation
Buy groceries online
Buy groceries
online
Buy indoor fitness
equipment
Buy indoor fitness
equipment
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
38%41%38% 41%
33%31%28% 30%
32%38%37% 39% 34%33%29% 35% 39%33%31% 31%
15%25%23% 26%17%26%24% 26% 15% 17%
13%39%33% 34%
5%11%10% 8%32%19%
Likely to keep habit
Very likely to keep habit
% July% June% May Less likely to
keep habit

13. 13200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Platform usages are up across the board: Whatsapp, Zoom and Netflix show the
largest increase
Percentage of respondents using more (%)
Change in platform use during June
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
Media contentSocial media Communication platforms
T I M E A L L O C A T I O N

14. 14200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

15. 15200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Reference to have a better understanding on the next slides
“Net percentage spending more” Time reference Future expectations
Q: “How did your spending change in [product/service X]
since the pandemic began?”
Respondents change in spending
(%, change/ total respondents)
% respondents
spending somewhat
or significantly
more than before
% respondents
spending about the
same than before
% respondents
spending somewhat
or significantly less
than before
Net %
spending more
(NSM)
=
% respondents
spending somewhat
or significantly more
than before
% respondents
spending somewhat
or significantly less
than before
-
Net % spending more
(%)
E X A M P L E
The information shown at each
month reflects the
accumulated value from the
beginning of pandemic until
the respective month
Net % spending more expectations
(%)
E X A M P L E
Long
term
Refers to
expected
values
after +12
months
Mid term
Refers to
expected
values
within the
next 12
months
[Month]
Refers to
current
values
recorded
in the last
survey
I L L U S T R A T I V E

16. 16200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Spending has fallen through April and May, but seems to have stabilized/ begin to
recover through June and July
Net percentage of respondents spending more (%)
Change in spending per category
D E M A N D S P E N D I N G
Essentials (Groceries) Essentials (Others) Non-essential categories
Fresh
food
Packaged
food Beverages Home care
Personal
care Pet
Consumer
health Games Beauty
Apparel &
footwear
Note: Net % spending more is calculated as % spending more minus % spending less; Consumer health refers to non-prescription items (e.g., vitamins, cold/allergy tablets etc.); Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
May June July

17. 17200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Higher income households grew their spending on most essential categories over
last month while lower income households spending has stabilized
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
D E M A N D S P E N D I N G E S S E N T I A L S
May June July

18. 18200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Consumers expect most essential categories spending to decrease in the mid and
long term, in comparison to pre-pandemic levels
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category; Mid term refers to the next 12 months; Long term refers to +12 months
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
Fresh food Packaged food Beverages Home care Personal care
Net percentage of respondents spending more (%)
Change in spending per category over the pandemic
(to June)
D E M A N D S P E N D I N G E S S E N T I A L S

19. 20200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Service spending grew moderately across most categories in July (exc.
Maintenance) vs last month
Net percentage of respondents spending more (%)
Change in spending per category
D E M A N D S P E N D I N G
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance
D E M A N D S P E N D I N G S E R V I C E S
May June July
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

20. 21200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Higher income households are spending less vs June in most categories; Lower
income households are spending slightly more across almost all categories
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenanceEducation
Maintenance
Low income levels High income levels
D E M A N D S P E N D I N G S E R V I C E S
May June July
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

21. 22200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Consumers continue to be optimistic about most services spending in the mid and
long term
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category; Mid term refers to the next 12 months; Long term refers to +12 months
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
D E M A N D S P E N D I N G
Net percentage of respondents spending more (%)
Change in spending per category
Entertainment Health & well-being Education
Restaurants
Concerts &
events Travel
Beauty
services Fitness
Vehicle
maintenance
House
maintenance Education
Maintenance
D E M A N D S P E N D I N G S E R V I C E S

22. 24200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

23. 25200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Deepening trend on flight to value has continued on packaged food and home care
and has stopped in all other categories
Respondents under Flight to value brand behavior (%)
Fresh food Packaged food Beverages Home care Personal care
F L I G H T T O V A L U E B R A N D S
May June July
Note: Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

24. 26200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low income households FTV behavior has stabilized in July in most categories; High
income households are generally reducing their value brand consumptions
Respondents under Flight to value brand behavior (%)
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
F L I G H T T O V A L U E B R A N D S
N/A
May June July
Note: Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

25. 27200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value in size behavior remains almost stable across essential categories
F L I G H T T O V A L U E
Respondents under Flight to value size behavior (%)
Fresh food Packaged food Beverages Home care Personal care
F L I G H T T O V A L U E S I Z E S
May June July
Note: Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

26. 28200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Flight to value size behavior for both low and high income levels has stabilized
across most essential categories
Note: Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
Respondents under Flight to value size behavior (%)
BeveragesFresh food Packaged food Home care Personal care BeveragesFresh food Packaged food Home care Personal care
Low income levels High income levels
F L I G H T T O V A L U EF L I G H T T O V A L U E S I Z E S
N/A
May June July
N/A

27. 29200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

28. 30200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Online channels is winning over offline channels, with NSM of 2% vs. -1%
Net percentage of respondents spending more (%)
Change in spending per category
May June July
Note: Net % spending more is calculated as % spending more minus % spending less; Excludes respondents who indicated they never spend on category
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
C H A N N E L S H I F T S
Aggregated spend change Offline channels Online channels
Offline
channels
Online
channels Drug stores Local stores Wholesalers Supermarkets Convenience
Pick up at
store
Delivery
app
Retailer
appWhatsapp
N/A

29. 31200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Consumers used a large number of providers to make purchases in July, with Lider
leading the board; Only Easy & Ripley had significant increases vs. June
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
C H A N N E L S H I F T S
June’s results

30. 32200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
+55% of respondents replaced a
purchase on traditional channels in June
+55% of consumers replaced purchases on traditional channels for alternative ones,
and ~80% expect to keep some degree of these new ways of buying
Online + delivery is the main option for
consumers who didn’t visit the store
~80% expect to maintain some degree
of the new habit
C H A N N E L S H I F T S
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

31. 33200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
~55% of the consumers that replaced purchases on traditional channels are also
using different retailers to make those purchases
~55% of consumers uses other retailers when switching to new
channels
~55% of consumers replaced purchases they would do on
traditional channels
C H A N N E L S H I F T S
48%48%
60%
55%
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
56% 55%

32. 34200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Low income: ~44% replaced traditional
channels and ~74% will keep new habits
Traditional channel replacement is happening across all income segments, with +74%
of those respondents expecting to keep some degree of these new ways of buying
Mid income: ~67% replaced traditional
channels and ~83% will keep new habits
High income: ~84% replaced traditional
channels and ~83% will keep new habits
C H A N N E L S H I F T S
44%
72%
74%
67%
77%
83% 84%
74%
83%
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

33. 35200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Young: 60% replaced traditional
channels and 78% will keep new habits
Traditional channel replacement is happening across all age segments; most expect
to keep some degree of these new ways of buying
Middle-aged: 60% replaced traditional
channels and 80% will keep new habits
Old-aged: 46% replaced traditional
channels and 74% will keep new habits
C H A N N E L S H I F T S
60%
72%
78%
60%
75%
80%
46%
77%
74%
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

34. 36200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
+55% of respondents indicated they began to use Whatsapp shop or increased its
usage during the pandemic, while Mercado Libre’s penetration is growing
C H A N N E L S H I F T S
May June July
Market apps
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
708 778 850 399 426 539 397 405 415 324 292 405 221 206 271 132 125 151
N (resp. increasing usage)

35. 37200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Customer experience: Only Rappi has been able to improve its NPS from May to
July
C H A N N E L S H I F T S
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
NPS for key players
(%)

36. 38200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Key messages
• Chile became slightly less pessimistic about the pandemic duration, expecting it to last a bit shorter, and about
its financial impact. Uncertainty, fear, anguish, worry and stress describe how the consumers in Chile are
feeling about the pandemic
• Routines remain stable since June: consumers are still spending more time on digital entertainment (+68
minutes per day) and less time working (-68 minutes). Most consumers keep trying new activities and expect
to maintain these new habits, with Whatsapp, Zoom and Netflix showing the largest use increase
• Demand in general is falling when compared to pre pandemic levels but it seems to have stabilized
through June and July vs. May, with results varying by category. Consumers continue to expect most essential
categories spending to decrease in the mid and long term, in comparison to pre-pandemic levels
• Services spending has grown between 2-10p.p. during July across all categories except for maintenance,
when compared to last month. Higher income households demand returned to May levels despite recovery seen
in June while lower income households saw a recovery across almost all categories
• Flight to value behavior have stabilized for low income households, while behavior for higher income
households seems to be reducing
• Online is winning over offline, with a net spending increase of 2% and -1%, respectively, and recovering from
June’s decrease. An increasing # of consumers replaced purchases on traditional channels for alternative ones
(~55%), and most expect to keep some of these new ways (~80%). The winning player continues to be
Whatsapp, but Mercado Libre’s penetration is constantly growing
• The use of digital banks and wallets is stabilizing across all income levels. With between 10 and 14% of
users having created their accounts since COVID-19
• Financial situation slightly improved, ~27% of respondents not able to meet financing terms (vs. June’s 33%)
Consumer
sentiment
Time allocation
Flight to value
Demand
spending
Channel shifts
Payments &
financing

37. 39200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Digital banks and wallets sustain high consumer penetration across all income
levels; Mercado Pago wins with a 39% growth in adoption/increase in usage
Digital banks’ penetration is growing in the high income segment
Mercado Pago is capturing the most usage, at a constantly
increasing rate
P A Y M E N T S & F I N A N C I N G
Low income Mid income High income
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
June’s results

38. 40200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
~27% of consumers will not be able to meet, have already restructured or will need to
restructure the terms of their financing agreements; a 15% decrease vs. June
~27% of consumers won’t be able to
meet the original terms of the financing
Banks not offering restructures is no
longer the main reason for default
2
1
21
P A Y M E N T S & F I N A N C I N G
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
~56% of consumers that restructured
think they still may not be able to pay
Strong
improvement
vs. June

39. 41200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
The number of households that will not be able to meet original terms of financing
agreements decreased across incomes vs. last month
+25% of low & mid income households show
difficulty to meet original terms of financing
Expectations to pay after restructuring
have increased across incomes
Penetration of restructuring offers in
low income households has increased
21
Note: Low income includes households with a monthly income lower than $700,000; Mid income are households with a monthly income between $700,001 - $3,000,000; High income are households with a monthly income higher than $3,000,000
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
P A Y M E N T S & F I N A N C I N G B Y I N C O M E L E V E L
Low Mid High
2
1
Low Mid HighLow Mid High

40. 42200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
The number of households that will not be able to meet original terms of financing
agreements decreased across age groups vs. last month
Expectations to pay after restructuring
have increased across age groups
Lack of restructuring offers is a growing
problem for mid-aged consumers
21
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
P A Y M E N T S & F I N A N C I N G B Y A G E G R O U P
2
1
18-34 35-54 +55 18-34 35-54 +55 18-34 35-54 +55
+27% of +35 years old consumers show
difficulty to meet original terms of financing

41. 43200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
+30% of consumers across all regions won’t be able to meet the original terms of
their financing agreements
+30% of consumers won’t be able to
meet the original terms of the financing
Expectations to pay after restructuring
have increased outside of Metropolitana
Banks not offering restructuring is no
longer the main reason for default
21
Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)
P A Y M E N T S & F I N A N C I N G B Y R E G I O N
2
1
Metropolitana Valparaiso Other Metropolitana Valparaiso Other Metropolitana Valparaiso Other

42. 44200803 Bain - Chile Cons ... uly_v4NYCThis information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Panel composition
Geography Age groups Income level
B A C K U P
Note: Low income includes households with a monthly income lower than CL$700,000; Mid income are households with a monthly income between CL$700,001 - CL$3,000,000; High income are households with a monthly income higher than
CL$3,000,000 | Source: Bain Chile Consumer Pulse 31/07/2020 (N=1,509), 30/06/2020 (N=1,513), 29/05/2020 (N=1,536), 20/04/2020 (N=1,401)

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