Status: 31.10.2022 11:55 a.m
The German retail sector turned over slightly more in September, even after deducting inflation. Experts were positively surprised. On the other hand, there was a big minus at gas stations.
German retailers surprisingly increased their sales in September despite high inflation. Nominally, i.e. not price-adjusted, they turned over 1.8 percent more in a monthly comparison, as reported by the Federal Statistical Office. In real terms, i.e. after deducting inflation, the increase was 0.9 percent.
Experts were surprised by the development. Economists surveyed by the Reuters news agency had expected real sales to fall by 0.3 percent. Economist Thomas Gitzel from VP Bank described the data as “a huge surprise”.
Revenues down in real terms compared to the previous year
High inflation is currently dampening consumers’ willingness to buy. This price surge is reflected in the year-on-year comparison. The retailers had 9.9 percent more in the checkout than in September 2021.
If the price increases are factored out, however, there was a real minus of 0.9 percent compared to the same month last year. “The difference between the nominal and real results reflects the high price increases in retail,” said the Federal Office.
Growth in groceries – minus at gas stations
According to statistics, sales in the food trade rose by a real 2.6 percent month-on-month. They recovered slightly from the lowest sales level since January 2017, which was measured in August 2022. Non-food sales rose 2.4 percent in real terms month-on-month in September.
On the other hand, the real revenue at petrol stations fell by 15.7 percent from August to September. “This is the largest month-on-month drop in sales since the time series began in 1994,” the statisticians said. They referred to the expiry of the tank discount at the end of August. Apparently, consumers used August to replenish their fuel supplies.
Before the start of the Christmas business, the consumer mood of the Germans has apparently recovered somewhat. Based on their survey of around 2,000 consumers, the market researchers at the GfK Institute in Nuremberg are predicting a slight increase in the overall gloomy consumer climate for November. This should please retailers in particular, who are hoping for high-volume sales days in the Christmas trade on Black Friday and Cyber Monday at the end of November.