Retail sales continue strong growth in October

The total retail sales in Estonia have continued its 7% growth also in October, supported mainly by increasing household incomes and consumer confidence. Estonia has consistently shown the highest retail growth among the Eurozone countries during 2014.

One of the fastest growing retail categories is the fashion and footwear segment, which has shown 23% YoY growth during the first 10 months of 2014. Strong demand results partly from new fashion entrants into the Estonian retail landscape, primarily the long anticipated H&M stores.

Household goods retail sales have also shown above average growth during 2014, 9% vs 7% on average, which is supported by increasing consumer confidence and attractive residential market affordability, spurring households to invest more into their homes.

Consumer confidence indicator also inched up in November, reaching the levels last seen in mid-2011, when the economy saw over 10% nominal GDP growth.

Retail turnover growth in Estonia, compared to previous year Q1 Q2 Q3 October 10 months 2014
Retail trade, except of motor vehicles and motorcycles 7% 7% 7% 7% 7%
Retail sale of textiles, clothing, footwear and leather goods 30% 20% 23% 14% 23%
Retail sale of household goods and appliances, hardware and building materials 9% 13% 7% 6% 9%

Source: Statistics Estonia