Panamanian Consumers Change Habits Ahead of Black Friday

A study reveals that 21% of millennials look for reviews or recommendations before making a purchase, highlighting the importance for companies to maintain active listening on digital channels where users share their opinions. Meanwhile, Gen Z shows a clear inclination towards sustainable consumption, with 21% preferring to buy second-hand products, compared to 11% of baby boomers. The study also points to a generational shift in consumption habits. 'This behavior reinforces the need to understand and cater to a more informed, demanding, and cautious consumer who values flexibility and convenience in their purchasing process,' suggested Héctor Rivera, Partner of Business Consulting, EY Central America, Panama, and the Dominican Republic. This trend is prompting companies to rethink their strategies and offer more durable and environmentally friendly options. An increasing number of consumers are waiting for Black Friday and year-end sales to make strategic purchases that allow them to get better value for their money. According to experts, this evolution in consumer behavior must be considered for the upcoming Black Friday and year-end sales, but it should also be part of the strategic planning for 2026, as new generations, especially Generation Z, are gaining strength as a key consumer group. This increased appetite for purchasing presents a challenge for companies and brands, which must rethink their offers and strategies to capture the customer's attention in a timely and relevant manner, concluded Rivera. With Black Friday and year-end holidays approaching—times associated with shopping—a study shows that Panamanians reflect changes in consumption habits. While only 1% of baby boomers prefer to rent instead of buy, 10% of Gen Z already adopts this model, reflecting a greater openness to temporary access and responsible consumption. Brands that achieve a stronger connection between their physical and digital channels and incorporate sustainable and innovative practices will have a competitive advantage to strengthen their growth. Panamanian consumers show a clear trend towards omnichannel behavior: they are more conscious, demanding, and sustainable, seamlessly switching between physical and digital shopping, according to the EY Future Consumer Index 2025. However, they acknowledge that there are situations that require human intervention. 47% of respondents believe that Artificial Intelligence (AI) is more effective than human customer service. The study underscores the importance of incorporating Artificial Intelligence (AI) into the purchasing process.