Global recovery: the consumer isn't buying it
15 January 2020 | by Peter Warburton/Tom Traill
The good news is that real annual retail sales growth is running at around 10 per cent in Armenia and Ukraine and at around 5-6 per cent in Hungary, Serbia, Malaysia and Vietnam. The bad news is that almost everywhere else, retail sales volumes are dribbling along. In Hong Kong, Chile and Venezuela, sales are plummeting. Outside of emerging market economies, there is very little evidence of the consumer recovery that we routinely associate with central bank easing. What are the likely explanations of consumer reticence and risk aversion?