Although the current IHaM analysis for the first half of 2024 shows an increase in consumer confidence, it remains in negative territory. Consumer confidence has not yet been restored despite weakening inflation. Household incomes are rising, but people are saving more and spending more on leisure/holidays than on shopping.
The assessments of retail managers are similar, as they do not yet see a substantial upturn despite nominal sales growth in the first half of 2024. The retail climate remains in negative territory. The retail climate was last assessed positively in the second half of 2021.
In summary, it can be said that the consumer climate is not recovering fast enough to provide economic impetus in the retail sector. Accordingly, the outlook for the second half of the year is cautious - despite slow upward trends. The retail sector remains skeptical about the coming months.