The Central Statistical Office (GUS) released data on retail sales in September 2024. Its growth rate was 3 percent (constant prices) and 2.2 percent (current prices) lower compared to September 2023. The latest data indicate that there is currently no consumption boom. - The increase in the savings rate among Poles may suggest that consumers are more cautious and choosing to accumulate savings rather than spend more. This could create the potential for a future consumption boom when inflation falls, comment analysts at investment platform Portu.

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However, the situation is different when it comes to e-commerce. In September 2024, online retail sales (at current prices) were 4.9 percent higher than in the same period last year. The increase in sales value was more than 55 percent for cars, motorbikes, and spare parts, 17.3 percent for clothing and footwear, and 15.4 percent for food, beverages, and tobacco.

Sales of cosmetics and pharmaceuticals, furniture, electronic equipment, and household appliances also increased by almost 10 percent during the period under review. Only the category of newspapers and books saw a 0.4 percent decline in sales through online channels.

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In September this year, online sales accounted for 8.9 percent of total sales - 0.9 percentage points more than in August 2024. Last month, nearly one in four products in the clothing and footwear, as well as press and books categories, were bought online. E-purchases of furniture, consumer electronics, and white goods accounted for 18.7 percent of all spending in this category. The share of online sales of pharmaceuticals was 5.7 percent, cars and spare parts 1 percent, and food 0.6 percent.

For both traditional and e-commerce, the GUS data includes companies employing more than nine people.