The grocery industry must withstand a drop in turnover for the third month in a row.
New figures from the Retail Trade Index show an increase of 1 per cent in the seasonally adjusted turnover volume for retail trade in October. This is after an increase of 0.4 per cent from August to September.
Consumption of goods rose by 0.5 per cent in September, and DNB Markets estimated in the morning about the same rise in October. A shift towards more consumption of services means that consumption of goods may slow down somewhat more.
Handelsbanken Capital Markets predicted an increase of 0.2 per cent earlier this week. Both expert environments took a little too little.
Statistics Norway (SSB) writes on Friday morning that most industries had increased turnover volumes in October. The biggest growth came from stores that sell sports equipment and leisure boats, as well as online shopping.
Down 8 percent
However, the grocery stores experienced their third month in a row with a decline in seasonally adjusted sales volume. Since the peak in July, the fall has totaled over 8 percent.
– The level of turnover in grocery stores is still far above the levels from before the pandemic, says adviser Marie Skjeldås in Statistics Norway in the report.
During the corona pandemic, Norwegians have spent more money on goods and less on services. This is because very many services were not available due to the restrictions.
In addition, according to Statistics Norway, we have shopped more in Norway due to restrictions on cross-border trade and travel. Both have had a major impact on retail, now we see the opposite effect.
– Now that society has gradually reopened more, it is not so surprising that we are beginning to see tendencies for the changes that took place during the closure to be reversed. Border trade, for example, picked up sharply already in the third quarter, says Skjeldås in the report.
Gas stations and furniture stores also had a decline in seasonally adjusted sales volume in October.
The commodity consumption index (formerly retail turnover) shows the development in household consumption of goods. The statistics are based on the retail sales index, first-time registered cars, electricity statistics and similar statistics.
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