Retail sales up significantly in August
Published: Tuesday, Oct 1st 2024, 09:20
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Sales in the Swiss retail sector rose significantly in August compared to the same month last year. In fact, it was the biggest increase for over a year.
Retail sales adjusted for sales and public holiday effects rose by 1.9% in nominal terms in August 2024 compared to the previous year. This was the strongest increase since June 2023, the Federal Statistical Office (FSO) announced on Tuesday based on provisional results. In real terms - i.e. taking inflation into account - the increase was as high as 3.2%. According to the FSO, the higher real growth was due to the decline in inflation.
Retail sales of food, beverages and tobacco increased by 2.7% in nominal terms, while retail sales of non-food products rose by just 0.4%. Turnover in the information and communication technology sector rose particularly sharply by 6.7% in nominal terms. In contrast, sales of household appliances, textiles, DIY and furnishings declined significantly (-3.8%).
Quite volatile statistics
Compared to the previous month of July (seasonally adjusted), the trend in the month under review was also positive. The nominal increase here was 0.2% and 0.4% in real terms.
Overall, the monthly figures for the retail sector are relatively volatile. In the year to date, for example, there were positive figures (adjusted in nominal terms) in January, April and July in addition to August, while they were negative in February, March, May and June.
The FSO's retail sales statistics are based on a random sample of around 3,000 companies. It is a monthly survey, with small companies being asked about their monthly turnover figures on a quarterly basis.
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