The Estonian retail slump continues

Text Mark Taylor
Photo Andrei Chertkov

According to data reeased by Statistics Estonia, the turnover of retail trade companies in May 2024 was 898 million euros, marking a 4 per cent decrease compared to May 2023. This decline was primarily driven by a significant drop in the sales of manufactured goods.

“Stores selling manufactured goods experienced an 8 per cent year-on-year decrease in turnover. The turnover volume was down in almost all stores selling manufactured goods, except for pharmacies and stores selling cosmetics where turnover volume remained at last year’s level,” Johanna Linda Pihlak, an analyst at Statistics Estonia.

Among stores selling manufactured goods, the steepest decline was observed in those selling household goods and appliances, hardware, and building materials, with a 15 per cent drop in turnover. Other notable decreases included a 12 per cent decline in mail order and internet sales, a 7 per cent drop in stores selling second-hand goods and non-store retail sales such as stalls and markets, and a 4 per cent decrease in stores selling textiles, clothing, and footwear. Additionally, turnover fell by 3 per cent in stores specialising in computers, books, sports equipment, games, and toys, as well as in department stores.

Grocery stores also saw a decrease in turnover by 2 per cent compared to May 2023. Conversely, enterprises engaged in the retail sale of automotive fuel experienced a 1 percent increase in turnover.

On a monthly basis, the volume of retail trade turnover grew by 7 per cent in May compared to April. However, seasonally and working-day adjusted data indicated a 1 percent decrease from the previous month.

Overall, in the first five months of 2024, the turnover volume of retail trade enterprises has decreased by 4 percent compared to the same period in 2023.

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Economic trends Estonia Economy Grocery Stores May 2024 Retail Trade Retail Turnover Statistic Estonia