Itaú BBA - Solid retail sales growth in September

Macro Brazil

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Solid retail sales growth in September

noviembre 13, 2019

Data reinforce positive trend in consumer spending


For the version with all charts and tables, please open the attached pdf file
 

  In September, broad retail sales rose 0.9% mom/sa, in between our call (0.7%) and market expectations (1.2%). The core index (excluding vehicles and construction material) climbed 0.7%.

 Growth was widespread, being positive in 9 out of 10 retail categories and led by furniture and appliances (5.2% mom/sa), and textiles, apparel and footwear (3.3% mom/sa).

 The data underscore a sustained positive trend in consumer spending. We forecast household spending to grow 2.0% this year and 2.4% in 2020.
 

Luka Machado Barbosa
Matheus Felipe Fuck


For the version with all charts and tables, please open the attached pdf file



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