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No Major Slowdown As Brazil Consumers Still Happily Spending

 As consumer confidence dwindles in the U.S. , farther south in Brazil the local consumers are still happily spending and not even double digit interest rates are enough to truly scare them away. That’s because Brazilians on balance are fast moving into the middle class. More than half of the population is now solidly middle class compared to well less than that five years ago.  When looked at month over month, consumer spending rose a meager 0.2% in June as the government’s macroprudential measures to slow inflation by raising interest rates all year showed their strength.

Manequins in a storefront window at Shopping Morumbi, São Paulo, Brazil. Retail sales have slowed in June, but are still on the upswing compared to last year.

But when compared to June of 2010, when Brazil’s economy was booming, retail sales rose an impressive 7.1%, according to the Brazilian Institute for Geographical and Statistical Analysis, IBGE.

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