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Confidence drives consumption, Whirlpool executive says

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Reopening retail outlets at a time when consumers feel unsafe may not have the boosting effect on sales that businessmen and the government expect, says Whirlpool's CEO for Latin America João Carlos Brega.

"It's no use talking about coming back. There will be supply without demand because the main ingredient to move the economy is confidence, which was shaken. The message that was sent is that if people get sick, they won't have a hospital to treat themselves, so they can't get sick. The focus is on consumer confidence," the executive told Valor.

The executive, who oversees 24,000 people across the region, believes that to bring confidence back it is necessary to act on three fronts: to show that whoever gets sick will be treated, economic measures and approving measures to reform and improve the economy.

"When Health [authorities] ensure citizens that they will be treated if they get sick, you keep retail up and running. And the speed of recovery if Congress unlocks the economy will be higher. Otherwise, it's like push-starting with the hand brake on. Now is the time for a non-partisan effort and not getting into minor discussions," he says.

For Mr. Brega, measures are already being taken on the health front to increase the number of beds with temporary facilities in states such as São Paulo and Santa Catarina. "This front has to be very visible but since there's a lot happening at the same time, few people see it," he says.

In relation to the Executive branch and the Ministry of Economy, Mr. Brega believes that the measures that need to be taken have been taken, but that it is necessary to expand the fronts of credit lines and tax relief.

"The whole chain is stressed. The government must lean in and say it's going to supply the market with money, extend deadlines. And with a tax burden of 35%, everyone knows where to get relief," he says. About President Jair Bolsonaro's statements on moving forward the end of the lockdown, contrary to recommendations of the Ministry of Health, Mr. Brega repeated that, in practice...

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