Retail trade moved with a significant increase in July, according to data from the Hellenic Statistical Authority (ELSTAT). The General Turnover Index increased by 6.6% on an annual basis and by 1.8% compared with June. The General Volume Index, which reflects sales at constant prices, strengthened by 5.2% on an annual basis and 5.3% on a monthly basis.
The strong monthly rise in volume largely reflects the period of summer sales. Compared with June, volume increased by 28.5% in clothing-footwear, by 13.3% in department stores and by 9.3% in other stores. The fact that volume rose much more than turnover (5.3% versus 1.8%) indicates a decline in prices during the month.
The picture is even clearer in the seasonally adjusted data: turnover increased by 1.2% from June to July and sales volume by 1.4%.
The increase is not only the result of prices
The 5.2% increase in the volume index is of particular importance. This index results from the deflation of turnover and is used to measure changes in the real volume of retail trade.
Based on the data in Table 2 of ELSTAT, volume increased by 5.4% in stores excluding fuels and lubricants. In “other stores” the annual increase reached 5.6%.
Fuels and non-store sales in the foreground
At the turnover level, the largest annual increase among the main categories is recorded in automotive fuels and lubricants, at 13.7%. Other stores follow with 5.7% and food stores with 5.1%.
In the individual categories, non-store sales stand out, with an increase of 13.1%. Turnover also increased by 7.6% in furniture, electrical goods and household equipment, by 6% in clothing-footwear and by 5.5% in large food stores.
However, the picture changes when the real volume of sales is examined. In fuels and lubricants the volume index declined by 0.4% on an annual basis, despite the 13.7% increase in turnover.
Strong performance in furniture and household equipment
In the volume index, the highest annual increase among the individual categories was recorded in furniture, electrical goods and household equipment, at 8.7%. Pharmaceutical-cosmetics followed with 5.9%, large food stores with 5.8% and food-beverages-tobacco with 4.8%. At the level of main categories, both food stores and other stores recorded an increase of 5.6%.
By contrast, the most restrained annual increase in volume was recorded in department stores (1.8%), in clothing-footwear (2.7%) and in books-stationery-other items (3.1%). The volume of fuel sales decreased marginally, by 0.4%.
What happened during July
On a monthly basis, the seasonally adjusted data show an increase in most categories. Total sales volume increased 1.4%. Fuels and lubricants recorded an increase of 2.1%, books-stationery-other items 2.2% and pharmaceutical-cosmetics 1.2%. In large food stores the increase was 1.5%.
Exceptions are clothing-footwear, where the seasonally adjusted volume decreased by 1.2% on a monthly basis, and food-beverages-tobacco, where it remained unchanged.
In turnover, the largest monthly increase among the individual categories was recorded in non-store sales (+4.2%), in fuels and lubricants (+3.2%) and in books-stationery-other items (+2.3%).
* See detailed data in the Accompanying Material column.