Due to conflict between the executive branch and the legislature, Peru has been plunged into political uncertainty, which has paralysed investments. This explains why during 2017 and 2018 there has been an economic slowdown with marginal growth in the construction sector.
There has been rapid expansion of convenience stores and discounters throughout Lima and secondary cities. They have different product portfolios as the former focus on on-the-go offers selling individual pack sizes, fast food, coffee and alcoholic beverages, while discounters offer fresh and packaged food to cook at home as well as beverages and other snacks.
The highest growth rates are found in internet retailing regardless of the product category. This is an irreversible trend that is occurring thanks to the greater penetration of the internet but above all of smartphones and connectivity plans with very low costs offered by all mobile operators.
Peruvians are accustomed to using cash to carry out all their purchases and that is why there is a very low penetration rate of bank services. However, financial institutions are making continuous efforts to advertise the advantages of paying with debit and credit cards, as well as the use of transfers and other electronic payment methods, characterising the use of cash as an outdated custom.
In a year in which the income of Peruvians did not see much growth, the market experienced an increase in demand for electronics and specifically TVs, as consumers saw the opportunity to update old equipment by acquiring large screens with HD or 4K technology. Retailers such as department stores, supermarkets, hypermarkets and electronic and appliance specialists increased their sales, offering special promotions for store credit cardholders.
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This industry report originates from Passport, our Retailing market research database.