Brazil’s Retail Sales Jump 2.5% in Start of 2024
January 2024 saw Brazilian retail sales climb 2.5% from the previous month. This rise marks a significant rebound since a 0.8% increase in September 2023.
It echoes the growth observed in January 2023, also at 2.5%.
The Brazilian Institute of Geography and Statistics (IBGE) shared these insights in its latest Monthly Trade Survey. This uptick in January offsets a 1.4% dip seen in December 2023.
Year-on-year, January 2024 outperformed the same month last year by 4.1%. Over the last 12 months, retail has grown by 1.8%.
Retail sector now 5.7% above pre-COVID levels, but 0.8% lower than peak in October 2020.
Cristiano Santos, who manages the survey, noted, “After two months of underwhelming performance, the retail sector has bounced back.
This trend isn’t new; similar patterns emerged at the end of 2022 and in January 2023.” The Black Friday event in November significantly influenced January’s figures.
Five of the eight categories surveyed showed improvement. Textiles, clothes, and footwear led the surge with an 8.5% increase.
Office and tech gear followed with a 6.1% jump. These sectors played key roles in the month’s overall growth.
After Black Friday, sectors like textiles and electronics saw drops in December.
January’s sales benefited from comparisons to these lower figures and from traditional clearance sales. Supermarkets and food retailers also saw a 0.9% increase in January.
This sector, making up 55.5% of the survey’s focus, has now grown for three straight months, standing 9.9% above pre-pandemic levels.
However, not all was positive. Books, healthcare products, and fuel sectors faced declines. Only three regions recorded falling sales: Santa Catarina, Minas Gerais, and Maranhão.
This performance highlights the resilience of Brazil’s retail sector, showing significant recovery and adaptation in the face of challenges.
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