Statistics Poland: retail sales increase much lower than expected

"In October 2022 retail sales at constant prices were by 0.7% higher than the year before (against an increase of 6.9% in October 2021)" - Statistics Poland said in a press release on Wednesday (November 23).

Statistics Poland said that, "in October 2022, the highest increase in retail sales (at constant prices) compared with the corresponding period of 2021 was recorded by units trading in 'textiles, clothing, footwear' (by 14.3% against an increase of 29.3% the year before).

"Sales also grew in the following groups presented: 'pharmaceuticals, cosmetics, orthopaedic equipment' (by 8.4%), 'others' (by 5.6%), 'food, beverages and tobacco products' (by 2.4%). The deepest decline was maintained in entities selling solid, liquid and gaseous fuels (by 20.5%)" - the stats office added.

"Compared with September 2022 an increase by 0.3% in retail sales was recorded. In the period of January-October 2022 sales increased y/y by 6.0% (in 2021 a growth of 7.4%)" - we read.

Furthermore, "in October 2022 compared with September 2022, an increase in retail sales value via Internet at current prices was recorded (by 0.7%)".

"The share of sales via Internet in 'total' sales decreased from 9.7% in September to 9.5% in October this year. Among the presented groups with a significant share of sales via Internet a decrease in share was reported by enterprises classified into the group 'furniture, radio, TV and household appliances' (from 17.6% a month ago to 16.6%) A slight increase in sales however was observed in the groups: 'newspapers, books, other sale in specialized stores' (from 25.6% to 26.0% respectively) and 'textiles, clothing, footwear' (from 22.6% to 22.7%)" - Statistics Poland said.

Accoding to a consensus between experts surveyed by PAP Biznes, the expected increase in retail sales in October 2022 was to be at 3.2% y/y, and 2.4% m/m.

When it comes to current prices, the experts expected an increase by 21.4% y/y.