Retail sales in the Czech Republic, excluding motor vehicle sales and repairs, rose by 4.5 percent year-on-year in June. This result is similar to May, when sales increased by 4.6 percent according to revised data. The Czech Statistical Office reported these figures on Thursday.
The positive outcome was driven primarily by fuel sales and e-commerce. In month-to-month comparison, retailers saw a modest 0.3 percent increase in revenue. “After adjusting for price effects, June’s retail sales grew year-on-year across fuel, non-food goods, and food sectors. We recorded the highest growth among fuel retailers, who, together with online sellers, contributed most significantly to the growth in retail sales,” stated Jana Gotvaldová, head of the trade, transport, and services statistics department.
According to Petr Dufek, chief economist at Creditas Bank, sales have climbed nearly three percent compared to 2019 levels. “Unsurprisingly, retailer revenues are being driven upward primarily by spending at gas stations, which benefit from consumer interest supported by cheaper fuel. These are attractive not only for domestic travelers but especially for those from abroad,” Dufek noted.
Online stores are performing exceptionally well. “They can boast the largest increase compared to the last pre-COVID year. Their inflation-adjusted sales are sixty-nine percent higher than in 2019. It’s evident that this segment still has room to grow,” Dufek added.
Overall, Czechs show no lack of shopping enthusiasm. As real wages have finally begun to rise and fears about the future have subsided, household consumption is becoming the main driving force of the Czech economy.