Poland: Retail sales growth moderates in December
Retail sales expanded 0.5% year on year in December (November: +2.6% yoy). Declining sales of solid textiles, clothing, footwear and furniture, radio, TV and household appliances were mainly behind the deceleration.
Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 4.6%, down from November’s 5.8%.
Commenting on the outlook, ING’s Rafal Benecki and Piotr Poplawski stated:
“The recovery in consumer spending has been slow so far, despite a marked rebound in real wage growth, as Poles increase savings. Despite the weaker data for late 2023, we believe consumption will rebound this year as real disposable income rises faster than before the pandemic.”