Boston, MA -- (ReleaseWire) -- 07/18/2014 -- Peru's retail market is experiencing rapid growth, which is attracting a plethora of international retailers. An expanding middle class, easier access to credit, smaller households and increasing urbanisation are driving this trend.
Peru's economic growth trajectory is generally positive. We see growth coming in at 5.2% in 2014, and hovering around that level for the rest of the forecast period ending in 2018. Meanwhile, positive underlying trends, such as a steady increase in real wages, a rising number of working women and a falling unemployment rate will support growth of the retail sector over the longer term.
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One downside to our optimistic economic outlook is the slowdown in China. The country is a major consumer of Peru's mined products, and a weakening in demand could have a serious impact on Peru's important mining industry, and the economy as a whole.
Rising incomes and a growing middle class are changing consumption patterns in Peru. We see a decreasing percentage of retail spending going on food, and a rising percentage being spent on education, cultural activities and luxuries which were previously less of a priority, for example consumer electronics devices and home improvements.
Modern retailers are increasingly looking for new opportunities in Peru, with supermarket operators in particular moving into lower income areas, and outside the capital. This has meant a change in strategy, with more own-label products and a focus on value.
Shopping centres are a major growth area. The number of shopping centres has increased substantially over the last few years, to 59 in 2014, a figure that Peru's shopping centre association sees doubling by 2019.
International retailers are increasingly interested in Peru. Chile's Falabella and Cencosud have growing footprints in the country, and a number of international fashion and luxury retailers have opened branches in Lima in recent years.
- Lima's chamber of commerce announced in May...
The Peru Retail Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the retail sector. The report examines key drivers of retail sales growth and future prospects, including consumer spending and private sector investment.
BMI's Peru Retail Report also examines the level of development and potential for growth of the retail sector, the commercial initiatives of major players, changing consumer demographics that influence demand and the regulatory environment. Key sub-sectors include mass grocery retail, autos, over-the-counter pharmaceuticals, computers and consumer electronics.
- Benchmark BMI's independent retail industry forecasts for Peru to test other views - a key input for successful budgeting and strategic business planning in the Peruvian retail market.
- Target business opportunities and risks in Peru through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
BMI Industry View
Summary of BMI?s key forecasts and industry analysis, plus a discussion of major industry developments and a snapshot of key short-term demand-driving macroeconomic movements.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the retail sector and within the broader political, economic and business environment.
BMI Industry Forecasts
There are four separate 5-year forecast modules in the retail reports. These are:
Headline Retail Forecast: Total Household Spending, (US$bn and local currency, % growth, % GDP, per capita, per household); Spending by Retail Sector for: food and non-alcoholic drink, alcoholic drink, clothing and footwear, housing and utilities, furnishings and home, health, transport, recreation, education, transport, restaurants and hotels, personal care and insurance (US$bn and local currency, % growth, % GDP, % of total spending)
Retail Sector Forecast: Breakdown of Food, Non Alcoholic Drink, Alcohol, Tobacco, Clothing, Footwear, Household Goods, Furnishings, Appliances, Glass and Tableware, Household Textiles, Consumer Electronics, Garden Toys and Pets, Home and Garden tools, Personal Care, Personal Effects Spending (US$bn, % Growth);
Household Income and Numbers Forecast: Number of Households (?000,% growth); gross income per household and per capita; net income per household and per capita; tax and social contributions per capita; breakdown of household incomes ? US$5000+, US$10,000+ US$50000+ (?000, % of total); labour force, employment and unemployment (?000, % change)
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