February´s retail turnover increased fastest in the last 21 months, especially e-shops and hypermarkets were prosperous
In February 2024, turnover growth in retail exceeded 5% year-on-year. The high pace was mainly supported by mail-order sales, large retail chains and some specialized stores were also prosperous. On the contrary, the turnover drop was mainly experienced by automotive fuel stores.
Retail turnover1) at constant prices rose for the second consecutive month, in February 2024 it rose by 5.3% than a year ago, which was the highest since May 2022. However, the current significant growth is influenced by a lower comparative base last year, when retail turnover remained subdued due to a high inflation after conversion to constant prices.
The Statistical Office of the SR points out that from the data for January 2024, all values of year-on-year and month-on-month indices of retail turnover (as well as other structures of internal trade) were recalculated due to methodological adjustments – transition to a new base period (from 2015 to 2021) and application of the concept of business units of the enterprise2) (PDF - 154 kB). The change also affected all the other sectoral statistics.
Year-on-year turnover growth in the second month was recorded by 6 out of 9 components of the retail trade. The result was most significantly influenced by the more than one-quarter growth of turnover of e-shops (turnover outside stores, stands and markets). This is the second significant increase in turnover in this sector after four months of declines. Compared to last year, the turnover of large non-specialized hyper- and supermarkets also increased by 4.4%. The overall retail balance was also positively affected by the increase in turnover of specialized stores, e.g. footwear, textiles or drugstores (specialized sale of other goods) by 5.4% and a year-on-year increase in the turnover of hobby markets, furniture and consumer electronics stores (specialized sale of other household goods) by 12.1%.
On the contrary, the retail sector was negatively affected by the drop in gas station turnover (retail sale of fuel) by 8.7%, a double-digit drop in ICT turnover (specialized turnover of IT and communications equipment), and lower turnover of outlets of toys, sporting goods, books, etc. (specialized sale of goods for culture and recreation) by 7.1%.
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Year-on-year development of other components in trade in February 2024
Turnover increased year-on-year by double digits in sale and repair of motor vehicles and motorcycles1). All three components of this sale were in positive figures. Turnover also rose year-on-year in accommodation1) by 5.2% and food and beverage service activities1) by 8.2%, and their turnover have been growing for 18 consecutive months. The decline in turnover was recorded only in wholesale2), its turnover decreased for the third consecutive month, currently by 1.8%.
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Month-on-month development in February 2024 compared to January 2024
In February, compared to January3) turnover increased across the entire internal trade sector, i.e. in sale and repair of motor vehicles by 4.1%, wholesale by 0.5%, retail trade by 0.9%, food and beverage service activities by 1,9% and more dynamically in accommodation by 17.3%.
Development for 2024
In total, for the first two months of 2024, turnover rose in sale and repair of motor vehicles 1) by 6.8%, in retail trade 1) by 3.6%, in accommodation 1) by 2%, and in food and beverage service activities 1) by 5.6 %. Lower turnover was recorded year-on-year only in wholesale 2) by 1.8%.