Due to the rapid rise in prices, many consumers have become cautious. Statistics show a slight recovery, but retailers see consumer sentiment at the bottom.
Wiesbaden – In the German retail sector, business was slightly better again in September. Compared to August, price-adjusted sales increased by 0.9 percent, the Federal Statistical Office reported today. Including price increases, dealers had 1.8% more in their coffers. This also takes into account seasonal and calendar effects.
However, the German Retail Association (HDE) sees consumer sentiment at a low level. “Retail trade grew in September due to rising prices. In particular, higher procurement and logistics costs, as well as the sharp rise in energy costs, are reflected in higher nominal sales,” explained the administrator. Stefan Genth delegate in Berlin.
Compared to the same month last year, real retail was down slightly by 0.9 percent, but with the sharp price increases, the business posted growth of 9.9 percent over the year, as reported by the Federal Office. In the retail trade of textiles, clothing and shoes, real revenues were 11.8% higher than in the weak September 2021.
Presumably due to the high prices, consumers have been holding back in the grocery stores. After the weakest real turnover since 2017 was measured in August, there was a recovery movement in September with an increase of 2.6 percent, according to the Federal Office. Compared to the same month last year, however, actual sales were 2.4% lower.
“Consumers are currently holding back when it comes to consumption,” Genth explained. Consumer sentiment is still at a low level and the environment will remain challenging in the coming months. “It is therefore important to tackle high energy prices quickly with targeted measures for businesses and consumers.”
Economist: The money was “loose”
Chief economist Thomas Gitzel of VP Bank in Liechtenstein, on the other hand, described retail sales as a “big surprise”. “Money was easy in September, despite high inflation rates,” Gitzel commented.
Gas stations, on the other hand, have experienced a collapse. In this case, the Federal Office recorded the strongest decline in real sales since the start of the time series in 1994, at 15.7 percent in a monthly comparison.September was the first month after the tank discount expired.