Retail sales in Türkiye up 28.4% year-on-year in May

The increase was driven by strong growth in food, drinks and tobacco sales, which rose by 22.6%, and non-food (except automotive fuel) sales, which increased by 36.9%. Automotive fuel sales also saw growth, rising by 10.9%.

On a monthly basis, retail sales volume increased by 2.1% in May 2023. Food, drinks and tobacco sales rose by 2.5%, non-food (except automotive fuel) sales increased by 2.0%, and automotive fuel sales increased by 2.2%.

Retail turnover up 80.7% year-on-year in May

Retail turnover in Türkiye also increased in May 2023, rising by 80.7% year-on-year. Food, drinks and tobacco sales led the way, increasing by 87.5%, followed by non-food (except automotive fuel) sales, which rose by 109.7%. Automotive fuel sales also saw growth, rising by 5.1%.

On a monthly basis, retail turnover increased by 4.6% in May 2023. Food, drinks and tobacco sales rose by 5.5%, non-food (except automotive fuel) sales increased by 5.5%, and automotive fuel sales decreased by 0.9%.

Analysts say that the strong growth in retail sales in May 2023 was driven by a number of factors, including the easing of COVID-19 restrictions and the rising disposable incomes of consumers.

They also note that the increase in retail turnover was even more pronounced, suggesting that consumers are spending more on each visit to the shops.

Analysts expect retail sales to continue to grow in the coming months, but at a slower pace than in May 2023. They say that the main drivers of growth will be the continued easing of COVID-19 restrictions and the rising disposable incomes of consumers.

However, they also warn that the war in Ukraine and the rising inflation could weigh on consumer spending in the second half of the year. (ILKHA)