Czech consumers defy slowdown, keep spending

Czech consumers defy slowdown, keep spending

Published at: 2019-09-06 09:49 | Author: CIJEurope.com
Consumer spending in the Czech Republic jumped 7 percent in July y-o-y, improving on the 4.8 percent growth recorded in June. The Czech Statistics Office writes that the biggest growth was seen from online shops, where revenues rose by 20 percent. Other gainers were computer sales, sports equipment, clothing and shoes. Idnes.cz quotes Czech Fund's chief analyst Lukáš Kovanda as saying "The result is "improved" by the fact that this year's July had to more working days than last year's July. But even after discounting the number of working days, the result is still convincing as revenues showed y-o-y growth of 4.6 percent." Sales of computers and communication devices rose 14.8 percent, while stores selling sports products, culture and recreation rose 11.1 percent. Shoe retailers enjoyed 9.6 percent growth over July 2018. The positive numbers fly in the face of predictions of a coming slowdown. "Domestic consumers continue to remain immune to the negative developments abroad," Kovanda told Idnes.cz.

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