Lima, Peru – Peru's retail industry is poised for a strong holiday season, with projected sales of 14 billion soles, a 5% increase from the previous year. This growth is primarily driven by a surge in demand for technology products, according to Leslie Passalacqua, president of the Retail and Distribution Guild of the Lima Chamber of Commerce (CCL).

"This holiday season brings a sense of balance to a somewhat volatile second half of the year," Passalacqua noted. "For our sector, 2024 presents a more stable outlook compared to previous years."

Technology Takes Center Stage

Technology is expected to be the most sought-after category this holiday season, with consumers eager to purchase smartphones, tablets, laptops, and video games. "These products have consistently been top sellers," Passalacqua confirmed.

Other popular categories include clothing, footwear, and accessories, particularly as warmer weather approaches. Toys are also in high demand, with brands unveiling their latest offerings for the holiday season.

For home appliances, retailers are focusing on functional and decorative products. Additionally, there's a growing trend in sports, beauty, and personal care items as consumers of all ages prioritize wellness and self-care.

Consumer Spending

Passalacqua expressed optimism about consumer spending, expecting the average ticket size to surpass the 250-300 soles recorded in 2022. However, she acknowledged that Peruvian consumers remain cautious and will seek out the best deals and discounts.

"Consumers will continue to prioritize experiences and personalized gifts," Passalacqua said.

Factors Driving Growth

The robust holiday sales forecast is attributed to several factors. The "carryover effect" from previous campaigns like Black Friday and Cyber Days has generated positive consumer sentiment and fueled shopping expectations.

Furthermore, the opening and expansion of three new shopping centers have increased foot traffic and product variety. These include Power Center Km 40 and Boulevard Punta Mar, which opened this month in the southern part of Lima, and the upcoming Parque La Molina mall, offering a mix of retail, dining, and entertainment options.

[Copyright (c) Global Economic Times. All Rights Reserved.]