BRAZIL: Brazilians pack Sao Paulo's main popular shopping district as Christmas sales in the country shoot up backed by a strong economy and controlled inflation

Record ID: 517272

  • Title: BRAZIL: Brazilians pack Sao Paulo's main popular shopping district as Christmas sales in the country shoot up backed by a strong economy and controlled inflation
  • Date: 12th December 2010
  • Summary: SAO PAULO, BRAZIL (DECEMBER 11, 2010) (REUTERS) VARIOUS OF AERIAL VIEWS OF SAO PAULO'S POPULAR SHOPPING DISTRICT KNOWN AS 25 DE MARCO CLOSE OF STREET SIGN READING "25 DE MARCO" CROWD WALKING THROUGH 25 DE MARCO STREET SUN VIEW OF FEET WALKING ON STREET SALESMAN SHOUTING TO LURE CLIENTS OUTSIDE STORE ENTRANCE POLICE VAN PARKED IN STREET POLICE OFFICERS IN STREET EX
  • Embargoed: 27th December 2010 12:00
  • Keywords:
  • Location: Brazil, Brazil
  • Country: Brazil
  • Topics: Economic News
  • Reuters ID: LVA825ANABGD9D23U0ADVX6ZSZKC
  • Story Text: With two weeks to go until Christmas, over one million bargain-hunters flocked to the main popular shopping district of Brazil's business capital Sao Paulo on Saturday (December 11).
    The bustling 25 de Marco (March 25th) Street, where everything from fake jewelry to Chinese electronic gear and cheap toys can be found, is one of Brazil's busiest shopping districts.
    In the weekends prior to Christmas, eager shoppers compete for space and offers amid the shouting vendors and stands.
    The street winds down the Arab, Middle Eastern and Chinese district of the city, near the central business neighborhood.
    Backed by a booming economy, record job creation and a controlled inflation, Brazilians, especially from the bulky middle class, are buying more than ever.
    This year financial analysts are predicting the best-ever festive season in the South American nation.
    The optimism is also felt by store owners at the popular street market in Sao Paulo, Brazil's richest and most populous city.
    Pierre Esfeir, owner of three stores at 25 de Marco, said sales were up about 30 percent from the same period last year.
    "They (sales) are great. This year sales increased about 30 percent in comparison to last year. It's crazy, this year has been very good; we did not expect such a rise in sales," he said.
    By now, most of the 75 million Brazilians who receive year-end bonus payments have the extra money in their account and surveys show they are willing to spend it.
    According to research by Brazil's Shopping Malls' Association, consumers will spend around 15 percent more in Christmas gifts and decorations.
    Jeane Vieira, who owns jewelry stand, said she was making more money this year.
    "Yes, there is more money coming in. Sales are better than last year," she said.
    The consumption power of Brazil's burgeoning middle class already has helped make the Latin American giant one of the world's few engines of growth, propelling its economy at an 8 percent annual pace in 2010.
    Fashion assistant Adriana Mendes said she was buying more gifts this year because she was making more money.
    "I'm making more money, so this year I decided to help more people. So I'm spending more than I did last year," she said with her hand full of shopping bags.
    Secretary Noemia Santos said low inflation is allowing people to buy more.
    "Prices in the past years have also become more stable, so this allows us to spend a little more," she said.
    Earlier this month, Brazil's Finance Minister Guido Mantega said the country will have record retail sales this year.
    Over 130,000 Brazilians have received a special gift this month -- they got a temporary job for the holidays.
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