Demand for big-ticket items is on the decline following the float

March’s float continues to receive attention from foreign press. Bloomberg is out with a piece looking at the impact the float of the EGP had on the demand for big-ticket items — sofas, refrigerators, and cars.

Why has this impacted demand? Consumers are holding off making any big purchases as they adopt a wait-and-see approach in hopes of further price reductions down the line.“It’s a waiting game between consumers and traders,” EFG Hermes’ Mohamed Abu Basha told Bloomberg. “The market on both sides is taking time to absorb the exchange-rate volatility witnessed during the last few months.”