Hardships of Leisure and Personal Goods Specialist Retailers in Venezuela: Exchange Rate Fluctuatuon Repercussions

Posted on 25 October 2017 by KenResearch Consumer Products and Retail,

Venezuela is a South American country on the northern coast. The leisure and personal goods are bags and luggage specialist retailers, jewellery and watch specialist retailers, media products stores, other leisure and personal goods specialist retailers, pet shops and superstores, sports goods stores, stationers/office supply stores, traditional toys and games stores. The growth in this category has decreased due to rise in prices, low supply of goods and lack of imports.

The economic slowdown and exchange rate fluctuation in Venezuela has affected almost all sectors of the market. The increased terrorist attacks have also led to a drastic decrease in the consumer traffic in public areas, department stores and shopping malls. Therefore, the leisure and personal goods specialist retailers in Venezuela witnessed a descending growth in the current year.

According to the market research report "Leisure and Personal Goods Specialist Retailers in Venezuela ", the channels for leisure and personal goods specialist retailers in Venezuela are hypermarkets, supermarkets, discounters, convenience stores. The products of the leisure and personal goods specialist retailers are health and beauty retailers, clothing and footwear retailers, furniture and furnishing stores, DIY and hardware stores, durable goods retailers, leisure and personal goods retailers. The non-store retailing for leisure and personal goods is through store transactions, home-shopping, internet retailing, and direct selling. The new strict restrictions in Venezuela related to currency exchange controls and with suspension of payments, using national credit cards abroad has led to decrease in the sales of leisure and personal goods specialist retailers via foreign sites and lower the growth rate in this sector.

Leisure and personal goods specialist retailers include baby clothing, toddler clothing, active wear, casual wear, essentials, formalwear, formalwear-occasion, outerwear for men and women, Apparel / Clothing for boys and girls, footwear for all ages and excluding sports-specific footwear, sales of gold jewellery, silver jewellery and other precious jewellery like diamonds, platinum, precious stones (sapphires, emeralds and rubies), pearls (natural and cultured) and semi-precious stones (e.g. quartz, opal, topaz, amethyst, coral etc.), fashion jewellery (non-precious jewellery), hair accessories, belts, hats, gloves, scarves, sunglasses, ties, jewellery watches, suitcases, travel bags, briefcases, handbags, wallets and purses.

There are four ways of outlets for Leisure and personal goods specialist retailers in Venezuela; Value Retailers, General Retailers, Specialist Retailers and Online. The year 2016, Venezuela witnessed awful rise in the prices affecting medicines, food and clothing. The rate of inflation was very high such that to purchase a basic food for five people it became necessary to spend earnings of seventeen people. Therefore, in the coming years the leisure and personal goods specialist retailers market is expected to start growing with baby steps.

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