Latin America Ecommerce Forecast 2023

Double-Digit Gains Endure as the Regional Economy Worsens

Last year, retail ecommerce sales growth in Latin America failed to outpace inflation for the first time since we began tracking the region in 2009. Despite high inflation and sluggish economic activity, we expect digital sales growth this year in several key markets we forecast.

Key Question: What’s the outlook for retail and ecommerce sales in Latin America this year and beyond, and how will macroeconomic conditions affect consumer spending at the country level?

KEY STAT: Retail ecommerce sales growth in Latin America will begin to normalize after 2020’s high double-digit gains. Sales will grow by 14.3% this year, led by a strong performance in Argentina, Mexico, and Colombia.

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Table of Contents

  1. Executive Summary
  2. We’ve reduced our retail ecommerce forecast for the region.
  3. Latin America’s stagflationary environment will slow consumer spending.
  4. Latin America’s retail ecommerce sales will expand by double digits every year through 2027.
  1. Ecommerce won’t overtake brick-and-mortar anytime soon in Latin America.
  2. Mercado Libre further solidifies its ecommerce lead in the region.
  3. Behind the Numbers
  4. Listen Next
  1. Sources
  2. Media Gallery

Charts in This Report

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First Published on Jul 26, 2023


Matteo Ceurvels


Oscar Bruce Jr.
Senior Forecasting Analyst
Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Paola Flores-Marquez
Researcher, Latin America & Spain
Zach Goldner
Forecasting Analyst
Vladimir Hanzlik
Executive Editor
Brian Lau
Forecasting Analyst