Brazil’s retail industry hit hard by recession

Global Business

Brazil's retail industry hit hard by recession2

Brazil’s retail industry is suffering its worst crisis in years with the country’s deepening recession and rising inflation.

Commercial holiday, like Valentine’s Day have especially taken a hit. CCTV America’s Paulo Cabral looks at the rising cost of saying “I love you”

Brazil’s retail industry hit hard by recession

Brazil’s retail industry hit hard by recession

Brazil’s retail industry is suffering its worst crisis in years with the country’s deepening recession and rising inflation. Commercial holiday, like Valentine’s Day have especially taken a hit. CCTV America’s Paulo Cabral looks at the rising cost of saying “I love you”

In Brazil, the recession hasn’t killed romance, but it’s affecting how much couples are willing to spend on it.

According to a survey by Brazil’s Credit Protection Service consumers are planning to spend on average almost 17 percent less this year than they did in 2015.

In May, Brazil’s Mother’s Day sales dropped for the third year in a row, while Valentine’s Day seems headed in the same direction.

It’s been a tough year for the retail industry – high unemployment and inflation have eroded consumer confidence and spending. For the near-term, the outlook doesn’t look good.

In the first quarter the year retail sales fell 7 percent, the worst quarterly drop in 15 years.