Eid holiday to give boost to retail sector: Association

The retail sector may see a significant increase in trade volume during the Eid al-Adha holiday, according to the United Brands Association (BMD).

The association said that the Eid holiday will coincide with Father’s Day, which will give an additional boost to sales of retailers.

Card payments are expected to be around 50 billion Turkish Liras on June 15 alone, the association said in a note.

Total spending with cards amounted to 94.1 billion liras during the three-day Eid al-Fitr holiday in April, said Sinan Öncel, the president of BMD.

Spending with cards could be around 120 billion liras during the Eid al-Adha,according to Öncel.

“Saturday [June 15] will be the busiest day at stores. Consumers’ spending increases around 50 percent on the eve of the religious holidays,” Öncel said.

The four-day Eid al-Adha holiday starts on June 16.

The shares of supermarkets and clothing in card spending were 20 percent and 14 percent, respectively, during the Eid al-Fitr, Öncel said.

“The spending pattern is likely to be the same during the Eid al-Adha. We are expecting a significant increase in spending on clothes, gasoline, transport and accommodation.”

A survey conducted among BMD members showed that unit sales of half of retailers declined in May compared to April, Öncel said.

Source: hurriyetdailynews

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