The retail trade sales volume in Sweden increased by 3.0 percent in May compared to the same month last year.
Retail sales for consumables increased by 0.6 percent while retail sales for durables increased by 5.1 percent, working day adjusted.
The turnover for retail trade measured in current prices increased by 1.5 percent from May 2013 to May 2014. Consumables increased by a modest 0.7 percent, while durables increased by 2.1 percent. In 2013 consumables were the driving force in Swedish retail, but now the situation is reversed. So far this year, durable goods have had the stronger growth.
Sub-sectors within durables showed a mixed performance. The furniture trade showed the strongest growth and has increased by as much as 8.9 percent so far this year. Even clothing showed a positive sales growth driven by the warm weather, which also contributed to the strong increase within the sports trade in May.
During the last three-month period (March through May), the sales volume increased by 1.7 percent compared to the previous three-month period (December through February). Both of these figures are working day adjusted and seasonally adjusted.
”The Swedish economy moves in the right direction, but slowly. This recovery is visible in the retail development which is also on the right track. Consumer confidence continues to improve, but cautiously, and Swedish households are more optimistic about both their own and the Swedish economy”, comments HUI Research.
Even retailers are more optimistic about future sales, which suggests retail sales on the whole are likely to end up better than last year. The growth rate is 3.3 percent so far this year, which is slightly above HUI’s full-year forecast of 3 percent.
Autumn encounters stronger comparatives, especially for durables.