Gergely Suppan: stable growth can start in the retail sector
The data of the last month are encouraging from the point of view that a stable growth can start in the retail sector – said Gergely Suppan, the chief economist of the Ministry of National Economy (NGM), on Tuesday on the current channel M1, evaluating the retail data of the Central Statistical Office (KSH).
The KSH announced on Monday that the volume of retail trade in August increased by 3.2 percent compared to August 2023, compared to August 2023, based on raw data, and by 4.1 percent adjusted for calendar effects.
The calendar-adjusted volume of sales in food and food-type mixed stores increased by 7.5 percent, in non-food retail by 2.9 percent, and in fuel retail by 1.2 percent.
Gergely Suppan highlighted that the structure of consumption has changed, shifted towards services, and this is also visible globally.
He explained that after the coronavirus epidemic, people want to make up for the trips and vacations they missed during the epidemic, so they spend more and more on services instead of goods.
He added: the turnover of goods has also started to recover, it seems that the postponed consumption is increasing the demand for consumer durables.
Gergely Suppan pointed out that real wages have increased by about 10 percent since the beginning of the year, and sustained real wage growth encourages people to start consuming. Citing the research of the Nézőpont Institute, he said that people are increasingly willing to spend on items of greater value.
Related news
The European Association of Travel Agents and Tour Operators proposes a mandatory airline bankruptcy fund
Despite the continuous growth of global tourism and the growing…
Read more >EU forecast: moderate growth expected despite global economic uncertainty
Despite heightened global political uncertainty and trade tensions, the European…
Read more >K&H: Hungarians traveling abroad consider healthcare to be the most important thing
The vast majority of middle-aged people traveling abroad take out…
Read more >Related news
Europe’s best marketing specialist: Hungarian victory in the prestigious international competition
Zsófia Bánhegyi, Vice President of Corporate Relations of the Hungarian…
Read more >Vegetables for Children’s Day – foodora is preparing a surprising promotion
Foodora is announcing a fruit and vegetable promotion on the…
Read more >EY: Energy procurement has become a key issue – fluctuating prices are affecting the competitiveness of more and more companies
The majority of companies are concerned about securing the energy…
Read more >