Strong German Retail Sales in 2020 as Spending Increases

The German statistics office said that the country’s retail sales are expected to grow around 4% in 2020 following a strong performance in November, indicating that consumers have spent money despite the broader economic damage from the coronavirus.

The office said Tuesday that retail sales rose about 2% in November, in contrast to analysts’ expectations of a contraction thanks to strong growth in electronic sales and spending on home improvements.

The November data is due to a partial lockdown in Germany while stores continue to operate.

All shops were forced to close from mid-December as restrictions were tightened to contain the increasing rates of cases with the Coronavirus.

Online retail sales were the biggest gainers in November, with revenues up about 32% from a year ago, while spending on household appliances, building materials and home decorating tools increased by more than 15%.