Brazil e-commerce grows 24% through June | Business

Gabriel Couto, economist at Santander, said the figures show that “despite restrictive financial conditions,” household consumption remains resilient, thanks to the “strength of the labor market.” According to Getnet, this performance opens space for annual online sales revenue to end 2025 with growth above 10%.

Within online retail, Getnet recorded significant increases in categories such as pharmacies, drugstores, and homeopathy (11.4%), as well as gas stations and vehicle fuel (16%) in the first half compared with the same period in 2024.

But retail was not the only segment to post gains online. In wholesale, Getnet mapped a 20.9% increase in revenue in the same comparison period. Highlights included department stores (31.6%), food wholesale (15.4%), and fuel stations (12.4%) in the first six months of the year.

Explaining the reasons for growth, Mr. Couto reiterated the importance of a still-strong labor market. In addition to unemployment being at a historic low, he noted, there have also been real and persistent gains in income, which favor consumption.

In July, Brazil’s national statistics agency (IBGE) reported an unemployment rate of 5.8% in the quarter ending in June—the lowest since the series began in 2012. The agency also reported record real average earnings from all jobs in the country.

Another factor boosting online commerce was inflation trends, Mr. Couto added. “Periods of stronger inflationary pressure generally drive consumers toward wholesale,” he explained. “Although inflation remains high, it has slowed recently, which may also have positively influenced retail.” Lower inflation pressure frees up household budgets for new purchases. He did not rule out the possible influence of today’s high interest rates on future results.

The Central Bank (BC) began a monetary tightening cycle in September of last year to curb rising inflation. Hikes in the Selic, the benchmark interest rate, typically take six to eight months to affect the real economy. With the Selic at 15% per year—the highest since 2006—consumers making purchases in installments are already feeling the effects.

“We expect that part of the impact of monetary tightening will still be felt ahead, given the lags of monetary policy, although our projection remains for a strong labor market,” Mr. Couto said.

The rise in online sales in both wholesale and retail in the first half also boosted the pace of transactions. Getnet found digital transaction volumes up 16.4% in retail and 16.5% in wholesale compared to January–June 2024.

“The semester’s figures reinforce the consolidation of digital channels as one of the main growth drivers of commerce,” said Rodrigo Carvalho, Getnet’s head of Analytics. “The nearly 24% increase in online sales highlights the strength of this trend and signals an opportunity retailers should pay close attention to.”