Latvia's Retail Sector Expands by 1% in 2024 Sales Figures
December 2024 saw a mixed bag of results in the retail trade sector, with some categories experiencing growth while others faced declines.
The retail turnover of non-food products, excluding automotive fuel, saw an increase of 2.3%, according to the latest data. This growth was mirrored in the retail sale of automotive fuel, which experienced a turnover increase of 2.7%. However, in the same period, a decrease of 0.1% was registered in the retail sale of automotive fuel.
The retail trade in pharmaceutical and medical goods increased by 2.0% in December, while retail trade in specialized stores rose by 4.3%. On the other hand, retail trade in non-specialized stores selling mainly non-food products reduced by 2.8%, and retail trade in food products fell by 1.6%.
The retail sale of cosmetics and toiletries increased by 2.0% in December, but retail trade in food products fell by 0.7%.
The largest turnover rise was registered in retail sale of information and communication equipment in specialized stores (16.4%), as well as retail sale of electrical household appliances (12.0%) and retail sale of cosmetics and toiletries (8.2%).
However, turnover drops were registered in retail sale via mail order houses or via Internet (4.8%) and retail sale in stalls or markets (13.0%). Retail sale in non-specialized stores selling mainly non-food products also saw a decline of 3.4%.
Looking at the year-on-year comparison, the total retail trade turnover at current prices increased by 13.7% in December 2024 compared to the same month in 2023. This increase was primarily due to seasonal factors such as holiday shopping and year-end sales events, which typically boost consumer spending at the end of the year.
Significant growth sectors contributing to the increase included nonstore retailers (online sales and others), which grew by around 4.5% compared to the previous year, reflecting strong e-commerce activity. Food services and drinking places also rose by about 6.6% year-over-year, indicating higher consumer spending on dining and entertainment during the holiday season. Miscellaneous store retailers showed notable increases, with some reports indicating growth in the range of 7%-9%.
On the other hand, department stores experienced a notable decline, with decreases reported around -0.8% to -3.7% depending on the month, suggesting consumers may have shifted spending away from traditional department stores toward other retail formats.
In a different period, the total retail trade turnover rose by 3.4% compared to December 2023. At constant prices, the total turnover of retail trade in December 2024 rose by 0.5% compared to November. However, at current prices, the total retail trade turnover rose by 2.8% (not considering calendar influence) in December 2024.
No detailed monthly breakdown for December 2024 specifically was found in the data, but the trends from recent monthly reports and historical patterns support this conclusion.
In the European retail sector, the retail sale of cosmetics and toiletries increased by 2.0% in December 2024, while food products saw a decrease of 0.7%. On the other hand, the retail industry, particularly nonstore retailers, showed significant growth, increasing by around 4.5% compared to the previous year, reflecting strong e-commerce activity.
