Analysts: the adaptation of households is indicated by the retail trade data

By: Trademagazin Date: 2022. 09. 05. 14:14

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Retail trade data for July indicate that households have begun to adapt to the stricter economic environment and that in the third quarter, consumption no longer represents as much of a driving force in economic growth as in the first half of the year.

A slowdown is about tp take place

According to the report published by the Central Statistical Office (KSH) on Monday, the volume of retail trade in July exceeded the previous year by 3.8 per cent according to raw data and 4.3 per cent adjusted for calendar effects.

Gábor Regős, professional leader of the Makronóm Institute, called the average increase in retail sales a favorable result in his commentary sent to MTI, but the picture is less encouraging when examined by business type.

According to him, the decrease in the turnover of grocery stores is explained by the ever-increasing inflation. For the time being, households have not significantly reduced their food consumption, rather they have started to look for cheaper, possibly lower quality products or those currently on sale – the analyst opined. He believes that a similar reason – the increase in demand for cheaper products – can be found behind the increase in the turnover of second-hand goods.

MTI