by Burak Akinci
ANKARA, Dec. 20 (Xinhua) — Many Turkish people are finding it difficult to do their holiday shopping as the New Year approaches, with the prices of goods being a significant burden for them.
Serpil Bahar, a 66-year-old retired nurse, expressed her struggles in buying gifts for her loved ones due to the high prices. She mentioned that everything has become expensive, making it challenging for her to purchase gifts for her closest companions.
New Year’s Eve is a traditional time in Turkey for families to gather, roast chestnuts, play bingo, and keep entertained. It is also a time when a large lottery drawing takes place, with a jackpot of 400 million Turkish lira (13.8 million U.S. dollars) this year. Even those who don’t typically play the lottery are enticed to participate during this special time.
Traditionally, the Kizilay district in Ankara is popular for holiday shopping, particularly for low and middle-income consumers seeking bargains. However, this year, the mood is somber as people struggle to make ends meet due to the challenging economic situation.
The high cost of living has forced customers to be more frugal with their household budgets, with annual inflation currently at 62 percent and expected to peak at around 75 percent in mid-2024 before gradually declining.
Some individuals have simply given up on purchasing gifts for the New Year due to financial constraints, with one retiree expressing her inability to buy anything for her family members and her disappointment in not being able to celebrate the occasion.
Another former teacher echoed these sentiments, stating that they can only afford to buy food and can no longer afford to buy presents.
This decline in purchasing power has been especially challenging for retirees, with one individual mentioning that their monthly allowance has not increased significantly since they retired six years ago, despite the rising cost of living.
The minimum wage is also a contentious issue in Turkey, with the government currently in negotiations for a rise in 2024. However, many consumers believe that this planned rise will only offer temporary relief for cash-strapped households, with a majority of Turks expressing pessimism about the economy in the coming year.
According to a survey published by the Ankara-based SAROS Political and Social Research, 57.5 percent of respondents believe that the Turkish economy will perform worse in 2024, while only 23.7 percent believe it will improve.
