A disproportionate amount of Peru's purchasing power is concentrated in the Lima-Callao area, where selling practices increasingly follow the pattern of more commercially developed Western countries. In the highlands, where more than 60% of the population lives, retailing is done at the market level. Only about 17% of Peruvians shop in supermarkets. The fiesta day, or weekly market, for the Andes Amerindian is an important social commercial affair, where objects made at home are bartered. Barter is also the method of exchange among the first Amerindians of the Amazon Basin. Cooperative retail outlets have been established in the large mining concerns and agricultural estates. Installment sales are increasing on vehicles, refrigerators, television sets, and agricultural and industrial equipment. Franchising has grown slowly in recent years, with US-based companies predominating. Direct market for services has become popular as well. An 18% value-added tax applies to most imported goods.
Shops and some businesses are open from 10:00 AM to 1 PM , and 4 to 8 PM , Monday through Saturday. Banks transact public business from 8:30 AM to 4:00 PM . Business hours are normally 9 AM to 5:30 PM , Monday through Friday. In the provinces, openings and closing are usually one hour earlier.