Subdued German Christmas shoppers
Source: Agencies |
February 3, 2010, Wednesday
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Print Edition
Print Edition
GERMAN retail sales rose a meager 0.8 percent in December compared with November but were still down from a year earlier, as consumers went about their Christmas shopping with caution, the nation's Federal Statistical Office said yesterday.
Compared with December 2008, sales were down 2.5 percent, the office said. The results are based on preliminary data from seven German states. Retail sales for the whole of 2009 were 1.8 percent lower than in 2008.
Food, drink and tobacco retail sales for the last month of 2009 were half a percent lower compared with December 2008.
Non-food retail sales were 3.3 percent lower, with textiles, clothes, shoes and leather goods retail sales leading the decline, down 2.2 percent in December compared with the year before.
"The Christmas shopping period still started on a weak note in November," said Alexander Koch, an economist at UniCredit.
"But overall, the respectable rise in December sales suggests that German consumers decided to open their wallets to buy presents, despite declining labor income and very high unemployment expectations.
"We expect private consumption to contract around 1.5 percent in 2010," he said.
Compared with December 2008, sales were down 2.5 percent, the office said. The results are based on preliminary data from seven German states. Retail sales for the whole of 2009 were 1.8 percent lower than in 2008.
Food, drink and tobacco retail sales for the last month of 2009 were half a percent lower compared with December 2008.
Non-food retail sales were 3.3 percent lower, with textiles, clothes, shoes and leather goods retail sales leading the decline, down 2.2 percent in December compared with the year before.
"The Christmas shopping period still started on a weak note in November," said Alexander Koch, an economist at UniCredit.
"But overall, the respectable rise in December sales suggests that German consumers decided to open their wallets to buy presents, despite declining labor income and very high unemployment expectations.
"We expect private consumption to contract around 1.5 percent in 2010," he said.
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