Germany's retail industry association, the HDE, on Tuesday raised the sales forecast for this year and predicted an increase in the sales during the Christmas season compared to last year.
The group raised the sales growth outlook for this year by 0.3 percentage points to 1.8 percent, which is equivalent to EUR 459 billion.
The economic conditions are apt and the stable situation on the labor market is supporting consumer sentiment, the HDE said.
Sales during the Christmas season was forecast to rise 1.2 percent from a year ago to roughly around EUR 85 billion. Citing survey results, the HDE said consumers are willing to spend an average EUR 447 on Christmas gifts, which is nearly 50 percent more than the year before.
During November and December, sales in all retail sub-sectors were about 15 percent above the annual average, the HDE noted. Online retailers make nearly 25 percent of their sales during the final two months of the year.
Market research group GfK said in October that German consumer climate is set to improve slightly in November, ending the downward trend, as income expectations among households strengthened on the back of the strong labor market situation. In September, German retail sales declined at the fastest pace since mid-2007, Destatis said.
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