Retail in Brazil saw sharpest decline in 16 years
This was the sharpest drop registered by retail since the survey was created 16 years ago.
The previous worst result was registered in 2002 due to the energy crisis, when retail fell 4.9%.
Serasa’s economists explain that difficulties faced by consumers such as high interest rates, high unemployment rate and low confidence, all impacted retail activity negatively.
The sharpest decline was registered by the car, motorcycle and parts sector, with a drop of 13% against the same period of last year.
The second worst result was with fabric stores, apparel, footwear and accessories, with a 12.6% drop. Furniture stores, electronics and computer equipment sectors declined 11.1%.
More moderate drops occurred with home depot stores (-5.4%) and supermarkets, hypermarkets, food and beverages (-7.0%).
Only the fuel and lubricants sector had a positive result with an increase of 1.8%.
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