Inflation and ongoing price increases significantly impacted the retail industry in 2022. High price rises led to changing consumer behaviours, with a drop in demand as many were looking to delay significant purchases, reducing and adapting their budgets to focus on essential products.
The government is fighting against informal retailing through increased regulation and financial inclusion efforts, making it difficult for retailers to evade those controls. There are two types of informal retailing prevalent in the country: those that are not registered and pay no tax, and those that are registered but evade taxes.
Over the forecast period, retail is expected to see a more positive performance as the economy stabilises. Per capita gross income is also expected to increase significantly.
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Understand the latest market trends and future growth opportunities for the Retailing industry in Uruguay with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Retailing
Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.
See All of Our DefinitionsThis report originates from Passport, our Retailing research and analysis database.
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