New Year’s shopping bolstering businesses in retail industy

Turkish retailers are enjoying strong demand as shoppers are rushing to stores and e-commerce platforms for gifts and accessories ahead of New Year's celebrations.

Shoppers are buying all kinds of goods, flowers, chocolates, tech products as well as "experience products," such as hotel bookings and tickets for foreign destinations, said Sinan Öncel, president of the United Brands Association (BMD).

This shopping spree will give a boost to the retail sector and to the entire economy, according to Öncel.

November and December are two crucial months for the retail industry, he said.

In November, which is sometimes dubbed "Legendary November," companies offer large discounts for special occasions.

"November was good for businesses. We expect the same for December," Öncel said.

Unit sales are projected to increase between 20 to 25 percent in December, he added.

Öncel thinks that some consumers will bring forward their shopping as they fear that prices could go up soon due to the expected increase in labor costs.

E-commerce platforms also see strong consumer traffic during November and December, said Hakan Çevikoğlu, the president of the Association of E-Commerce Operators (ETİD) and general manager of PttAVM.

Transaction volume is expected to hit 450 billion Turkish Liras in December, nearly doubling compared to the same month last year, according to Çevikoğlu.

New Year's shopping will be the main driving force behind the surge in sales, he added.

Consumers buy mostly food products, sports goods, accessories as well as New Year-themed cups, sweaters, blankets, board games and hats, according to Çevikoğlu.

He noted that the e-commerce volume in Türkiye surged 115 percent in 2023 from the...