FOR IMMEDIATE RELEASE
MONTREAL, QC, July 2, 2021 (Press Release) –Numera today released the latest update of its Global Retail Sales Tracker, which points to global goods consumption growth easing into H2.
Numera’s advance estimates for global retail sales for May and June suggest spending on goods weakened from its reopening high in April. In a context of strong consumer confidence and high excess savings, the May drop primarily reflects substitution away from goods and towards previously unavailable services.
Despite strong economic growth, we expect goods consumption to decelerate (and potentially decline) in H2/21 as this substitution effect continues. Importantly, the realignment of demand with its long-term trend should cause inflationary pressures in goods-producing sectors to lessen.