New Year's Eve Forecasts for the Retail Sector

Businessmen from the commercial sector in Costa Rica expect for the Christmas season a sales behavior like that seen during the Black Friday Weekend.

Monday, December 17, 2018

According to the Chamber of Commerce, the moderate growth of the commercial sector is the result of the uncertainty and economic slowdown that the country is going through, in addition to the increases in interest rates and the exchange rate.

Figures from the Central Bank of Costa Rica detail that up to October of this year, commercial activity presented a year-on-year variation of just 0.2%, for a slowdown of 2.6 p.p. compared to the same period last year, a result that combines lower growth in the trading of electrical appliances and a reduction in the sale of vehicles. It also affected the protests the tax reform.

Nacion.com reviews that "... Merchants reported that "black Friday" increased sales, between 6% and 10% on average. The forecast for the Christmas season is an average growth in sales of 15%."

Another phenomenon is the competition between physical stores and online commerce. In this regard, Jaso Chaves, economic advisor to the Chamber of Commerce said that "... e-commerce also has an impact on physical commerce, however, Costa Rican consumers still prefer to visit traditional stores."

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