Retail sales data are higher than economists had assumed. PAP Biznes pointed to an increase in retail sales in constant prices in August by 3.0% y / y. and no changes in terms of MDM.
As mBank analysts emphasize, “sales are holding up well” despite disastrous consumption moods and negative real wages. “Pessimism probably finds more outlet in services than in goods,” they wrote on Twitter.
“Another confirmation that we are dealing with a slowdown, not a sudden economic downturn,” ING experts noted.
Consumer boom – September 2022
The CSO also released data on the consumer climate. In September 2022, there was an improvement in the current consumer sentiment, with a simultaneous deterioration in sentiment about the future.
Current Consumer Confidence Index (BWUK) was – 44.2 and was by 0.7 pp. higher than in the previous month, where any score below 50 indicates negative moods.
Leading Consumer Confidence Index (WWUK) fell by 2.4 percentage points. in relation to the previous month and shaped at the level of -33.2.
The online retail market is growing
According to the data of the Central Statistical Office, the share of the Internet in retail sales increased. In August, it amounted to 8.9 percent in Poland. against 8.4 percent in July. On the other hand, compared to July, the value of online retail sales in current prices increased by 6.6%.
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Products from several segments have a significant share in online sales. These are: “newspapers, books, other sales in specialized stores” (an increase from 21.5% a month before to 22.2%) and “furniture, RTV, household appliances” (an increase from 16.1% to 16, 6 percent).
On the other hand, a decrease in the share was recorded in the group “textiles, clothing, footwear” from 22.8%. up to 21.1 percent
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