CONTENTS
Print: Market Indicators of Growth
TV: Trends in Ad Spend & Pay TV
Penetration
Internet: Audience size, future growth, sites with most reach, user attitudes toward
Internet advertising, average CTRs in region
and in major markets
E-commerce: Total sales for 2012, growth since
2003, projected growth in key Latam markets,
most popular products
Mobile Market: Penetration of mobile phones,
smartphones & tablets, the triple-digit growth
of mobile Internet in Latin America and
response to mobile advertising
A Growing Consumer Class:
The surge of the class C
Media Penetration in Latin America
Ad Spend Projections for Latam: 2013 and 2014
Social Media: Use, most popular sites, reach,
influence on consumer purchase decisions
Online Videos: The audience, consumption trends
and advertising potencial
A GROWING CONSUMER CLASS: THE SURGE OF CLASS C
Source: The World Bank, Economic Mobility and the Rise of the Latin American Middle Class
1 in 3
Families in Latin America are middle class
In the past decade, more than 50 million people have joined the
middle class in Latin America.
Sources: 1United Nations, 2World Bank, 3Cetelam report O Observador Brasil 2012, 4Consultora W, 5Departamento Administrativo Nacional de
Estadstica, 6Asociacion Mexicana de Agencias de Investigacion de Mercados y Opinin Pblica, 7Asociacin Peruana de Empresas de
Investigacin de Mercados, 8Novomerc Chile
7%
21%
3%
31%
7%
13%
47%
55% 52%
33% 32% 28%
0%
10%
20%
30%
40%
50%
60%
Argentina Brazil Chile Colombia Mexico Peru
Classes AB
Class C
HAS BECOME A SIGNIFICANT PORTION OF THE POPULATION IN SEVERAL KEY MARKETS.
105,000,000 Brazilians were Class C in 2011
55% of the population
In 2014
58% of the population
will be Class C
40,000,000
Brazilians joined Class C between 2003-2011
Source: Cetelem BGN Observador Brasil, Fecomercio SP, Data Popular
SECOND, CLASS C IS SPENDING HUGELY:
R$1.089 trillion
2012
Sources: IPC Target, FecomercioSP
R$1.4 trillion*
2015
*more than classes A and B combined!
MEDIA PENETRATION IN LATIN AMERICA
Source: IBOPE Media Book 2012
Free TV Pay TV Radio Newspapers Magazines OOH Internet
Argentina 95% 71% 68% 43% 21% 91% 54%
Brazil 97% 35% 76% 34% 40% 86% 44%
Chile 99% 60% 73% 48% 35% 90% 64%
Colombia 94% 78% 68% 39% 32% 91% 63%
Costa Rica 97% 58% 77% 81% 13% 94% 41%
Ecuador 98% 24% 80% 65% 41% 99% 55%
Guatemala 85% 63% 86% 74% 8% 99% 26%
Mexico 97% 36% 54% 27% 27% 98% 48%
Panama 94% 50% 62% 69% 12% 70% 51%
Peru 98% 64% 84% 69% 23% 100% 60%
Puerto Rico 87% 54% 84% 73% 22% 97% 44%
Penetration by Medium, 2011
TV, OUT-OF-HOME AND RADIO HAVE THE DEEPEST
BUT INTERNET IS GROWING SIGNIFICANTLY.
AD SPEND PROJECTIONS FOR LATAM: 2013 AND 2014
Zenith Optimedia projects 10% growth in ad spend for Latin America in 2013twice the growth of North America and triple the growth of Western Europe
2013 2014
Latin America 10% 9%
North America 4% 5%
Western Europe 3% 3%
Central & Eastern Europe 9% 9.9%
Asia Pacific 7% 8%
Middle East, North Africa 2.8% 2.3%
Rest of World 9.3% 10%
FASTEST-GROWING REGION IN AD SPEND.
Argentina: up 19.6% in first 9 months of 2012, 31.6% growth in all of 2011 1
Sources: 1Cmara Argentina de Agencias de Medios, 2WARC, 3Asociacin Chilena de Agencias de Publicidad, 4Asomedios, 5Confederacin de
la Industria de la Comunicacin Mercadotcnica, 6IBOPE Media Panam, 7Compaa Peruana de Estudios de Mercados, 8Asociacin Uruguaya
de Agencias de Publicidad
STRONGLY IN ALL MAJOR MARKETS.
Brazil: up 10.7% in 2012, 9.8% projected growth in 2013 2
Chile: 10.4% increase in all of 2011 3
Colombia: 8.8% growth in 2011 4
Mexico: up 14% in all of 2011 5
Panama: up 7.7% in all of 2011 6
Peru: up 9% in 2012 7
Uruguay: up 5.6% in all of 2012 8
AND BY 2014, BRAZIL WILL BECOME THE #5 AD MARKET IN THE WORLD.
Source: Zenith Optimedia
Rank Country
Ad Spend in 2014 (billions)
#1 United States 173,593
#2 Japan 53,434
#3 China 48,755
#4 Germany 27,548
#5 Brazil 22,216
Source: Cmara Argentina de Agencias de Medios
37.4%
9.4%
35.0%
4.8%
3.2% 5.0%
1.3% 6.1% Free TV
Pay TV
Newspapers
Magazines
Radio
OOH
Cinema
Internet
ARGENTINA AD SPEND SHARE BY MEDIUM, 2011
Source: Projeto Inter-Meios
BRAZIL AD SPEND SHARE BY MEDIUM, 2011
Guides 1.1% OOH 3%
Cinema 0.3%
Radio 3.%
Pay TV 4%
Internet 5.1%
Magazines 7.1%
Newspapers 11.8%
Free TV 63%
Source: Asociacin Chilena de Agencias de Publicidad
44.9%
26.6%
6.8%
1.9%
8.6%
0.3% 4.6%
6.2% Free TV
Newspapers
Radio
Magazines
OOH
Cinema
Pay TV
Internet
CHILE AD SPEND SHARE BY MEDIUM, 2011
Source: Confederacin de la Industria de la Comunicacin Mercadotcnica
56%
8%
7%
8%
6%
8%
Free TV
Radio
Internet
Pay TV
OOH
MEXICO AD SPEND SHARE BY MEDIUM, 2011
Source: Compaa Peruana de Estudios de Mercados y Opinin Pblica
49.68%
16.5%
12.1%
3.5%
18.2%
TV
Newspapers
Radio
Internet
Not specified
PERU AD SPEND SHARE BY MEDIUM, 2011
Source: Comit Certificador de Medios ANDA-FEVAP
26.9%
6%
5.6% 23.5%
5.6% 1.5%
10.2%
12.2%
8.5%
Free TV
Internet
Pay TV
Newspapers
Magazines
Cinema
Radio
Direct mail
OOH
VENEZUELA AD SPEND SHARE BY MEDIUM, 2011
PRINT MEDIA IN LATIN AMERICA
Latin American newspapers will grow in revenue by 5.5% per year through 2016 to reach a total of US$10.4 billion 1
Newspaper circulation went up by 5% in Latin America between 2006 and 2011 2
In 2009 magazine ad spend dropped in every region EXCEPT for Latin America grow through 2016 1
Latin American newspaper revenues went up by 65% between 2006 and 2011 2
Newspaper circulation in Brazil grew by 1.8% in all of 2012 and in 2011 grew by 3.5% to reach 4.4 million copies, a new record 3
11.9% CAGR growth is forecast for newspaper ad spend in Argentina through 2016 1
Magazines grew 33.7% in ad spend in Argentina in 2011 1
Newspapers grew by 50% in circulation in Peru between 2007 and 2012 4
Sources: 1PriceWaterhouseCoopers Global Entertainment Media Outlook 2012-2016, 2WAN-INFRA,, 3Instituto Verificador de Circulao, 4KPMG
PRINT IS STILL A STRONG MEDIUM THROUGHOUT LATIN AMERICA. MARKET INDICATORS THAT SUGGEST THIS INCLUDE:
Sources: Cmara Argentina de Agencias de Medios, Projeto Inter-Meios, Asociacin Chilena de Agencias de Publicidad, Asomedios, Ipsa
Group Latin America, Compaa Peruana de Estudios de Mercados y Opinin Pblica, Comit Certificador de Medios ANDA-FEVAP
Argentina Brazil Chile Colombia Ecuador Peru Venezuela
40%
18%
29%
36%
10%
17%
29%
Print ranks #1 in ad spend share in Argentina and #2 (after free TV) in Brazil, Chile, Colombia, Ecuador, Peru and Venezuela
PRINT ALSO COMMANDS A MAJOR PORTION OF AD SPEND IN MANY LATAM MARKETS.
Print's Share of Ad Spend in Key Latam Markets, 2011
TV IN LATIN AMERICA
37%
63%
45%
49%
56%
47%
54%
Argentina Brazil Chile Colombia Mexico Peru Uruguay
Percentage of Ad Spend Share, 2011
FREE TV RULES AD SPEND IN MOST OF
Sources (left to right): Cmara Argentina de Agencias de Medios, Projeto Inter-Meios, Asociacin Chilena de Agencias de Publicidad, Asomedios,
Confederacin de la Industria de la Comunicacin Mercadotcnica, Compaa Peruana de Estudios de Mercados, Asociacin Uruguaya de
Agencias de Publicidad
Free TV Ad Spend Share in Major Latam Markets, 2011
Sources: 1Dataxis, 2Anatel, 3Centro de Investigacin en Innovacin en Telecomunicaciones, 4LAMAC, 5IBOPE
pay TV penetration
in Latam by 20171
of homes in Brazil will be subscribed to pay TV by 2018potential audience of 173 million2
8.5 million homes in Argentina have pay TV service4
Projected penetration
of pay TV in Mexico in 20133
4.2 million homes in Colombia have pay TV service5
Percentage of Ad Spend Share, 2011 OF LATAM IN FEB 2012 AND IS GROWING RAPIDLY.
68%
90%
50%
INTERNET IN LATIN AMERICA
Sources: Internet WorldStats, comScore, Subsecretara de Telecomunicaciones, Asociacin Mexicana del Internet
28,000,000
1,985,970
85,000,000
9,086,000
25,000,000
2,000,000
4,000,000
4,000,000
1,200,000
2,200,000
1,000,000
40,600,000
663,000
1,500,000
1,523,000
9,900,000
1,698,000
1,855,000
10,900,000
Argentina
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Panama
Paraguay
Peru
Puerto Rico
Uruguay
Venezuela
Percentage of Ad Spend Share, 2011
AS OF 2012, INTERNET COMMANDS A HUGE AUDIENCE IN LATIN AMERICA: 232 MILLION.
Growth projections for specific markets:
Sources: 1LACNIC, 2Comit Gestor da Internet, 3Pyramid Group, 4Latin America & Caribbean Network Information Centre, 5Comisin Nacional
de Telecomunicaciones de Paraguay
Percentage of Ad Spend Share, 2011
BY 2015, THERE WILL BE 60% INTERNET PENETRATION IN LATIN AMERICA AND 120 MILLION ADDITIONAL USERS.1
Brazil 168 million by 2014 , up from 85 million in 2012 2
Chile 16.4 million by 2015 , up from 9 million in 2012 3
Ecuador 7.5 million by 2015 , up from 4 million in 2012 4
Mexico 65 million by 2015 , up from 40 million in 2012 4
Paraguay 3.4 million by 2015 , up from 1.5 million in 2012 5
Types of Web Sites with Deepest Reach among
Internautas :
Source: Futuro Digital, comScore, March 2012
97.5% 96.3% 96.7% 96.4%
86.3% 85.3%
Portals Search Entertainment Social Media News Community
Percentage of Ad Spend Share, 2011 INTERNET USERS.
67% of female shoppers in Brazil use the Internet as a source before shopping for products and services1
95% of Brazilian consumers look for information online before buying a car2
68% of Brazilian Internet users say that online ads influence their purchasing decisions3
57% of Brazilian Internet users say that Internet ads motivate them to buy the products that are advertised4
Sources: 1Oh! Panel, 2IDG, 3Deloitte Media Democracy, 4IAB Brasil, 5Asociacin Mexicana de Internet, 6Estudio Colombiano del Internet 2011
75% of Mexican Internet users stop to view online ads5
83% of Mexican Internet users recall online ads5
Product categories with highest recall include computer products (50%), movies (46%), mobile phones (45%), banks (32%) and software (32%)5
53% like seeing ads on social media sites and 61% recall ads they see on social media sites5
Preferred online ad formats for Colombian Internet users are banners (37%), videos (35%) and sponsored links6
7 out of 10 Colombians check opinions and recommendations on social media before buying a product1
Internet is the #2 medium that motivates Colombians to buy products6
LATIN AMERICANS IN KEY MARKETS ARE WELL-DISPOSED TOWARDS INTERNET ADVERTISING.
Average Click-Thru Rate Latin America North America
Standard banner (overall) 0.14% 0.10%
728X90 0.14% 0.09%
120X600 0.12% 0.07%
160X600 0.15% 0.08%
Mobile banner 0.48% 0.86%
Rich media 0.34% 0.15%
Source: MediaMind Global Benchmarks Report H1 2012
LATIN AMERICANS HAVE SIGNIFICANT HIGHER CTRS THAN NORTH AMERICANS FOR STANDARD BANNERS AND ALSO FOR RICH MEDIA.
Source: MediaMind Global Benchmarks Report H1 2012
Average Click-Thru Rate Argentina Brazil Central America Chile Colombia Mexico Peru
Standard banner (overall) 0.13% 0.14% 0.15% 0.12% 0.13% 0.15% 0.19%
728X90 0.13% 0.15% 0.13% 0.13% 0.14% 0.13% 0.25%
120X600 0.11% 0.13% 0.10% 0.12% N/A 0.10% N/A
300X250 0.13% 0.15% 0.17% 0.23% 0.19% 0.17% 0.21% 160X600 0.14% 0.12% 0.17% 0.23% 0.17% 0.17% 0.18%
Rich Media 0.42% 0.22% 0.45% 0.25% 0.72% 0.44% 0.58%
Enhanced std. banner 0.07% 0.11% 0.09% N/A N/A 0.09% N/A
728X90 N/A N/A 0.08% N/A N/A 0.08% N/A
120X600 N/A N/A 0.06% N/A N/A 0.06% N/A
300X250 0.07% N/A 0.17% N/A N/A 0.17% N/A
Polite Banner 0.18% 0.11% 0.15% 0.17% 0.16% 0.15% N/A
Floating Ad 1.93% 0.44% 2.59% N/A 3.23% 2.59% 1.01% Expandable Formats 0.43% 0.31% 0.54% 0.23% 0.61% 0.53% 0.68%
234X60 0.54% 0.55% 0.69% 0.50% 0.96% 0.69% 0.86%
728X90 0.27% 0.40% 0.48% n/A N/A 0.43% 0.99%
160X600 N/A 0.23% 0.32% n/A N/A 0.32% N/A
300X250 0.42% 0.20% 0.55% 0.43% N/A 0.56% 0.36%
PushDownBanner 0.36% 0.17% 0.27% n/A 0.26% 0.27% 0.26%
IN SEVERAL KEY LATAM MARKETS, FLOATING ADS PERFORM WELL & 300 X 250 STANDARD BANNERS GENERALLY HAVE HIGHER THAN AVERAGE CTRS.
Source: IAB Brasil
42% 55%
3%
Display
Search
Other
BREAKDOWN OF 2011 ONLINE AD SPEND, BRAZIL
Source: IAB Chile
49% 51% Search, Directories,Social
Display
BREAKDOWN OF 2011 ONLINE AD SPEND, CHILE
Source: IAB Colombia
70%
17%
8%
2.50% 1.16% 1.01%
Display
Search
Social media
Video
Mobile
Email marketing
BREAKDOWN OF 2011 ONLINE AD SPEND, COLOMBIA
Source: IAB Mxico
61% 28%
12%
Display
Search
Classified
BREAKDOWN OF 2011 ONLINE AD SPEND, MEXICO
Source: IAB Per
53% 47% Display
Search
BREAKDOWN OF 2011 ONLINE AD SPEND, PERU
Source: IAB Uruguay
36%
35.60%
19%
3% 3%
2%
5% Display
Search
Production ofmaterialsEmail marketing
Mobile
Services
Other
BREAKDOWN OF 2011 ONLINE AD SPEND, URUGUAY
SOCIAL MEDIA IN LATIN AMERICA
Of Latin American Internet users are on
social media11
Sources: 1comScore, 2Socialbakers
Social media have deep penetration and heavy engagement in the region.
Growth in Facebook users in 2011 in Latin America: more
than 168 million users around the region2
Of total time spent online in Latam is spent on social
media sites1
95% 50% 28%
73% of Latin Americans regularly read comments about brands on social media 66.9% trust these comments 62% say these comments influence their purchase decisions
Source: Oh! Panel study, May 2011
Social media influence the purchase decisions of 62% of Latin Americans.
58.9% of Latin Americans go on social media to find product information 36.8% of Latin Americans follow brands on social media 78.6% follow brands to learn about new products offered by that brand
Source: comScore
social media site but other sites have grown hugely in the region.
5,000% 2,500%
97% 86% 43%
Increase in Unique Visitors, November 2011 to November 2012
ONLINE VIDEOS IN LATIN AMERICA
11.5 million videos watched every month in Argentina, Brazil, Chile and Mexico
Source: comScore
Online video consumption has spiked significantly in Latin America.
96%: online videos have the deepest reach in Argentina, followed by Chile (92%), Brazil (84%) and Mexico (81%)
172 online videos a month are watched by Chileans, while Mexicans watch 155 per month, Brazilians watch 125 per month and Argentines watch 117 per month
Advertisers fail to reach 30% of the audience via just TV but can gain 16% of effective reach by combining TV and online video advertising1
Sources: 1comScore, 2YouTube
Besides growth, online video offers major opportunities for ROI.
Average growth of 37.5%
In online videos watched in Argentina, Brazil, Chile and Mexico
between 2011 and 20121
Brazil is the
6th largest market in the world for
in terms of videos watched2
In 2011, video views on
YouTube grew 67% in Brazil2
E-COMMERCE IN LATIN AMERICA
Source: Amrica Economa & Visa Latin America E-Commerce study, 2012
26% projected
growth in 2012
E-COMMERCE IN LATIN AMERICA HAS GROWN BY 27 TIMES SINCE 2003.
E-commerce sales in Latam
in 2003: US$1.6 billion
E-commerce sales in Latam in 2011:
US$43 billion
US$69 billion Projected e-commerce sales for
Latin America in 2013
Clothes
Computer electronics
Music, movies or videos
Appliances
Computer hardware
Source: comScore
OVERALL, CLOTHES ARE THE PRODUCT THAT LATIN AMERICANS BUY THE MOST ONLINE.
A 2012 comScore e-commerce study of Latin America revealed the most popular products among online shoppers in the region:
1
2
3
4
5
6
7
8
9
10
Entertainment tickets
Vacation/travel
Health and beauty care
Books and magazines
Sports and fitness
Sources: 1Amrica Economa & Visa E-Commerce Study, Latin America, 2012, 2e-bit
The percentage of e-commerce sales in
Latin America that are generated in Brazil1
2012 e-commerce sales in Brazil2
Projected 2013 e-commerce sales in Brazil2
BRAZIL IS THE LEADING E-COMMERCE MARKET
59% US$11 billion
US$14 billion
ARE POSTING STRONG E-COMMERCE NUMBERS.
Sources: 1Amrica Economa & Visa Latam E-commerce study, 2012, 2Asociacin Mexicana del Internet, 3Cmara Argentina de Comercio
Electrnico, 4Cmara Colombiana de Comercio Electrnico,
Mexico #2 e-commerce market in Latam1
US$6.2 billion in sales in 2012, 46% growth2
Top 5 selling products are (#1) plane/ train tickets, (#2) tickets to shows, (#3) hotel reservations, (#4) electronics, (#5) clothes2
Argentina US$3.3 billion in sales in 2012, 32% growth compared to 20113
5 best-selling products are (#1) smartphones, (#2) clothes, (#3) car accessories, (#4) clothes, (#5) home decor3
Colombia US$2 billion in sales in 20124
Chile US$1.7 billion in sales in 20121
14% growth compared to 20111
MOBILE MARKET
MOBILE PENETRATION IN LATIN AMERICA IS AT 105% AND WILL REACH 130% BY 20151.
Sources: 1GSMA, Comisin Nacional de Comunicaciones de Argentina, Anatel, Subsecretara de Telecomunicaciones, Ministerio de Tecnologas de la
Informacin y las Comunicaciones, Ministerio de Ambiente, Energa y Telecomunicaciones, Superintendencia de Telecomunicaciones, Pyramid
Research, Superintendencia de Telecomunicaciones, Unin Internacional de Telecomunicaciones, Everis, Oficina de Desarrollo de las
Telecomunicaciones de la UIT, El Ministerio de Transportes y Comunicaciones, Instituto Nacional de Estadsticas, Comisin Nacional de
Telecomunicaciones, Vision Mobile, Google, 3D Chile, LG Mobile Colombia, IDC, Futuro Labs
142%
124% 129%
100% 101%
89% 98%
20% 14%
30%
7% 10% 20%
11%
0%
20%
40%
60%
80%
100%
120%
140%
Argentina Brazil Chile Colombia Costa Rica Mexico Peru
Mobile penetration Smartphone penetration
Mobile & Smartphone Penetration in Major Latam Markets
Argentina: 43% increase in tablet sales in 2012: 340,000 units sold 1
Sources: 1IDC, 2IT Data, 3GfkChile, 4Gremial de Empresas de Informtica, 5Dominio Consultores
TABLET ADOPTION IS LOW COMPARED TO OVERALL POPULATION BUT SALES ARE SPIKING IN SEVERAL LATAM MARKETS.
Brazil: Tablet sales reached 3.1 million in 2012 and are projected to reach 5.1 million in 2013 2
Chile: 27,300 tablets sold in first quarter of 2012, 11.5% share of portable PC market in the country 3
Guatemala: 40,000 tablets sold during Jan -June 2012, 52% more than Jan -June 2011 4
Peru: Tablet sales increased by 334% in the first half of 2012 5
Mexico: Tablet sales reached 2.2 million in 2012 and will reach 4.3 million units by 2016 1
Sources: 1Huawei, 2Convergencia Research, 3COFETEL, 4Ministerio de Transportes y Telecomunicaciones, 5Nokia, 6Unidad Reguladora de los
Servicios de Comunicacin
Increase in mobile broadband
subscribers, 2010-20122
Growth in mobile broadband subscribers,
2010-20121
growth in mobile broadband connections, 20114
growth in mobile broadband subscriptions,
2011-20123
Increase in mobile
Internet use, 20115
growth in broadband
connections in 20116
MOBILE INTERNET IS GROWING HUGELY IN LATIN AMERICA.
421% 194% 107%
105% 69% 60%
LATIN AMERICANS ARE SHOWING STRONG RESPONSE TO MOBILE ADS.
Sources: 1MediaMinds, 2Hunt Mobile Ads
Average CTR for mobile banners in Latin America, higher than that of Australia, Eastern Europe and most of Asia1
Of Latam mobile device users respond favorablly to geo-targeted ads1
Mobile ad CTR for Colombia2
Mobile ad CTR for Mexico2
Mobile ad CTR for Brazil2
Mobile ad CTR for Argentina2
.60% .56% .61% .52%
33% .48%
Key Trends, Data Points and Impact on Consumer Purchase Decisions
CONTENTS
Print Media in Brazil: growth and consumption
TV: growth, usage and penetration
Radio: penetration, listener profile, reach
Internet in Brazil: growth, usage, influence of Internet ads on purchases
E-commerce: buying patterns and hottest-selling products
Social Media: usage, top sites, influence on consumer purchase decisions
Online Video: consumption and potential for advertisers
Mobile Market: Shopping habits and attitudes towards mobile ads of Brazilian smartphone users
Ad Spend in Brazil 2005-2012 , fastest-growing media, future projections
Media Penetration in Brazil
EXECUTIVE SUMMARY
Ad spend has grown over 100% since 2005 and Brazil will be the #5 ad market in the world by 2014 Internet and Pay TV are the fastest-growing media in ad spend: they have grown by 15% and 13% in 2012 Print is NOT dead in Brazilprint media growing in circulation (4.4 million in 2011 + 2% gain in 2012), penetration and earning record revenues (magazines earned 1.3 billion reais in 2011) TV and radio retain strong penetration and influence, and pay TV will have 90% penetration by 2018 There are 85 million Internet users in Brazil 68% of Brazilian women research online before buying products 68% of Brazilians say Internet ads influence their purchases and Internet affects their views of products Brazilians are shopping online more than ever and buy 4 key products the most Mobile penetration is 130%, 2.5 million tablets sold in Brazil in 2012 94% smartphone owners view mobile ads and over 66% make mobile purchases
A GROWING CONSUMER CLASS: THE SURGE OF CLASS C
CLASS B IS RESPONSIBLE FOR THE
Source: FecomercioSP
A1, 3%
A2, 16%
B2, 26%
B1, 25%
C1, 17%
C2, 9%
D, 4% E; 0.1%
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