PKO BP: data from Q4 indicates some growth in consumption
Economists from PKO BP expressed optimism about consumption growth, following data from the Central Statistical Office (GUS) in early Q4. They expect consumption dynamics to outpace retail sales, noting solid fundamentals. Despite slower growth, real wage increases remain high historically, and unemployment is at record lows. Consumer sentiment, though slightly lower, doesn't suggest a strong slowdown, and there’s an increased willingness to make significant purchases in the next year.
However, consumer behavior remains cautious, especially in home goods purchases, while spending on services has risen. Retail sales in October 2024 grew by 1.3% year-on-year, with significant growth in vehicle-related sales, though food and fuel sales saw declines.
(pb.pl)
