Germany’s retailers did worse business in October. Adjusted for price increases (real), sales fell by 2.8 percent compared to the previous month, as reported by the Federal Statistical Office on Thursday. Including price increases, traders had 1.7 percent less in their tills than in September.
Compared to October 2021, the retail sector recorded a real drop in sales of 5.0 percent. Including strong price increases, however, sales rose by 6.2 percent within a year.
October: Textile and clothing trade below previous year’s level
Consumers were particularly reluctant to buy furniture, household appliances and hardware stores, with price-adjusted sales falling by 11.2 percent compared to the same month last year. The specialist retail trade with food also recorded a real minus of 11.2 percent. In the textiles, clothing and shoes business, revenues were 7.9 percent below the level of October 2021. Internet trade, which had boomed during the Corona crisis, recorded a minus of 7.2 percent.
High energy prices and increased inflation are reducing the purchasing power of consumers in Germany. People can afford less for one euro. This can dampen private consumption. (dpa)