Retail sales expanded a seasonally adjusted 1.4% month-over-month in November, which followed October’s 0.4% increase. The November result was the best reading since January. The rise in November was mainly driven by a rise in sales of household goods, apparel and footwear. Finally, department store sales gained momentum, while cafes, restaurants and fast food services slowed down.
On an annual basis, retail sales expanded 7.7%, down from October’s growth of 12.0%.
FocusEconomics Consensus forecast committee members expect private consumption to rise 3.1% in 2023, unchanged from last month’s forecast. In 2024, the committee sees private consumption growing by 2.8%.