Retail trade slowed down sharply

By: Trademagazin Date: 2022. 08. 03. 12:35

Falling short of expectations, according to the raw data, the volume of retail trade increased by 4.1% compared to the same period of the previous year, adjusted for the calendar effect by 4.5%, sharply slowing down compared to the double-digit increases measured in recent months, while the sales revenue due to high inflation, it jumped by 18% to HUF 1,429.5 billion – we learn from Magyar Bankholding’s recent analysis.

The significant slowdown in retail sales may have been caused by substantially rising inflation, in addition to the effects of the sja refund, the 13th month pension, and the six-month gun money, and the cessation of refueling at discounted prices for foreigners may also have contributed. The turnover of food stores also decreased slightly, which may have been caused by the continued recovery of catering, so instead of retail food purchases, households could spend more on catering.

The calendar-adjusted sales volume decreased by 0.3% in food and food-type mixed retail stores, by 2.5% in non-food retail stores, and by 23.6% in fuel retail, the latter having a role the low base due to the restrictive measures taken against the second/third wave of the epidemic a year ago and the transit traffic that is picking up compared to last year also played a role. The volume of sales in second-hand stores increased by 13.2%, in textile, clothing and footwear stores by 4%, in pharmaceutical, medical product and perfume stores by 8.6%, in books, computer technology and other industrial goods -stores increased by 4.3%.

Magyar Bankholding