Turkiye: Legendary Friday gives huge boost to online shopping

Online shopping volume soared nearly 147 percent during the Legendary Friday sales, data from Iyzico have shown.

The number of transactions also rose more than 27 percent from a year ago.

They are expecting record sales this year, said Sinan Öncel,the president of the United Brands’ Association (BMD).

“Almost all retailers, including supermarkets, offered large discounts, like their peers in the U.S. Even some supermarkets offered “buy one get one free” deals. People bought more than what they actually needed due to 50 percent discounts on fast-moving consumer goods,” Öncel said.

Consumers had been expecting bid sales since the start of November, and their expectations were met, Öncel added.

The increase in turnover during this period was well above the official inflation rate, according to Öncel.

The average spending grew by 93 percent, from 337.5 Turkish Liras to 652 liras. Credit card spending increased by 7.5 percent, with some 73 percent of consumers choosing single payment while 27 percent going for installments.

Some 60 percent of payments were made with credit cards.

The largest spenders were in Istanbul, the country’s commercial and financial center. İzmir recorded the highest increase in the number of transactions from a year ago at 77.9 percent.

Meanwhile, the Turkish Statistical Institute (TÜİK) reported yesterday that the economic confidence index declined 0.2 percent month-on-month to 96.9 in November after advancing 3 percent in October.

Any figure above the 100 mark indicates an optimistic outlook regarding the general economic situation.

The consumer confidence index, which increased 5.3 percent last month, rose 0.6 percent, while the gauge of the real sector confidence fell 0.7 percent.

In the retail industry, confidence was up 2.1 percent, while the sub-index for the construction sector confidence rose 1.2 percent.


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