Home and garden demonstrated another year of current value growth in 2018. However, in contrast with 2017, it was not due to an increase in overall consumer demand, which was stimulated by the government’s loose fiscal policy in 2017; rather, it was driven by rocketing average unit prices, particularly in the second half of 2018.
The initial signals of economic slowdown became significant in Turkey towards the second half of 2017. However, the government took measures to stimulate domestic demand, such as temporary tax cuts on a number of durable goods, which postponed the visibility of the effects of the slowdown in retail sales, until the deterioration in the exchange rate value of the Turkish lira became unbearable for companies and consumers, who were majorly in debt.
Over the course of the review period, branded home and garden products notably benefited from the gradual increase in purchasing power amongst consumers in the country. In line with this, the retail landscape was rapidly modernised in Turkey, along with the sharp rise in the number of shopping centres.
Over the review period, the product range available in discounters rapidly expanded in Turkey, in line with their increasing popularity and the fact that their outlet networks swiftly spread across the country. Home and garden was no exception; thus, the presence of such products gradually rose through this channel, as players increased their focus on emerging retail concepts in order to strengthen their positions in a fiercely competitive environment.
Although it is predicted that the downwards trend in the exchange value rate of the Turkish lira will continue, considering that companies had not yet passed the whole burden of increasing costs onto consumers, it is expected that price tags in home and garden will continue to increase rapidly in the early forecast period. Although there are no indications of a marked recovery in the economy and consumers are expected to remain cautious in their purchases, overall it is expected that home and garden will experience strong current value growth due to rising prices.
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This industry report originates from Passport, our DIY and Gardening market research database.