The global pet care market is foretold to improve in the forthcoming years as matched to the preceding years and will showcase better sales in various market segments. It is estimated that the global pet care market will grow at a CAGR o…
BMI View: Turkey's retail industry benefits from a large urban population that is enjoying steadily rising
incomes. Over our five-year forecast period to 2020 we expect economic growth to be fairly slow but
steady, averaging 3.3% a year. This growth will support a rise in net household incomes from USD12,375
in 2016 to USD15,049 by 2020. However, in the medium term the retail sector will be held back by political
and security concerns that will dampen both investor and consumer confidence, and that have already
damaged Turkey's tourism industry. In the long term, though, significant opportunities will remain,
particularly as retailers expand into second-tier cities.
Key Views And Developments
? Total household spending is set to fall by 1.8% y-o-y in US dollar terms in 2016, although it will continue
growing in lira terms, as the currency weakens against the dollar. However, over the rest of our forecast
period to 2020 growth will pick up, growing by an average of 5.63% a year in US dollar terms.