Eid celebration to boost retail sector: Association

ISTANBUL

According to the United Brands Association (BMD), the retail sector is likely to see a significant increase in trade volumes during the Eid al-Adha holiday.

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The association claims that Eid will coincide with Father’s Day, which will further boost sales for retailers.

Card payments are expected to reach around 50 billion Turkish liras on June 15 alone, the association said in a note.

Total card spending was 94.1 billion lira during the three-day Eid al-Fitr holiday in April, said Sinan Öncel, president of BMD.

According to Öncel, card spending could reach around 120 billion lira during Eid al-Adha.

“Saturday (June 15) will be the busiest day in stores. Consumer spending increases by about 50 percent on the eve of religious holidays,” Öncel said.

The four-day Eid al-Adha holiday begins on June 16.

Öncel said that during Eid al-Fitr, the share of supermarkets and clothing in card spending was 20 and 14 percent, respectively.

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“The spending pattern is likely to be the same during Eid al-Adha. We expect significant increases in spending on clothing, gasoline, transportation and accommodation.”

A survey of BMD members showed that unit sales of half of retailers fell in May compared to April, Öncel said.