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Inflation, interest rates may dampen retail sector growth in 2023 - BusinessWorld Online

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THE PHILIPPINE retail sector’s growth is projected to slow next year, as consumer spending will likely be affected by elevated inflation and rising interest rates.

Barsali Bhattacharyya, Economist Intelligence Unit industry manager, told“In 2023, the pace of growth will slow to 2.7% as persistently high inflation and the increase in domestic interest rates hurt consumers’ spending power,” Ms. Bhattacharyya said via e-mail.

Consumers will have to spend more on food next year, as global commodity prices remain elevated, Ms. Bhattacharyya said. “The Philippines’ consumer market has been recovering strongly from the pandemic-induced slowdown. The relaxation of COVID-19 measures bodes well for consumption and in 2022 we estimate retail sales to increase by 5.9% in real terms, stripping off the effect of inflation,”Online sales will continue to rise in 2023 on the back of increasing digitalization in the country.

 

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