Turkish retailers are experiencing a period of strong demand, which was boosted by monthlong November discounts, the head of a local association said Monday, also citing positive expectations for the second half of this month due to the New Year's festivities.
"Due to the discounts spread throughout the entire month, there was an increase of around 20% in average unit sales in November. We expect the second half of December to pass actively due to New Year's shopping," said Sinan Öncel, president of the United Brands Association (BMD).
November, in general, is known to be one of the most important months for retailers around the world, mainly because of Black Friday.
Speaking to Anadolu Agency (AA), Öncel, who explained that they conduct regular surveys with their members every month, said they had a "generally productive" first half of the year.
"In the first six months, we observed a limited increase in the unit sales of more than half of our members. Our turnover also increased with the increase in unit sales and the effect of inflation," he said.
However, he suggested that a contraction of 30% to 40% occurred between July and October, which he attributed to a drop in demand due to tight monetary policy.
"We can say that the measures taken by the economic administration within the scope of combating inflation were effective in the contraction of demand," Öncel said.
Recent official data by the Turkish Statistical Institute (TurkStat) also suggested a recovery in trade sales volume and retail sales observed in October after a period of slowdown, particularly between May and July.
Trade sales volume increased by 7.2% and the retail sales volume index increased by 15.0% annually in October, according to TurkStat.
Öncel stated they predict that measures to counter demand as part of the fight against inflation will most likely continue in 2025.
As part of his remarks, he said that BMD is the most important representative of the non-food organized retail sector, with 517 brands under its roof.
