If people's energy bills start to rise when the winter heating season starts, negative changes are expected in the retail sector, LHV analyst Kristo Aab said on Friday after Statistics Estonia reported a 3 percent increase in consumption.
The growth has mainly come from fuel sales, which rose by 15 percent on-year. Without this, sales would not have risen, Friday's "Aktuaalne kaamera" reported.
High inflation has not had a significant impact on consumption habits so far, but analysts forecast it will slow down this autumn and winter.
"The atmosphere is anxious, we are waiting for autumn, we are waiting for the heating season, [to see] what will happen when people start spending more on heating and energy bills. Then we will also see bigger changes in the retail sector," said Aab.
"Now, for the last two to three months, people's savings and deposits in banks have started to decrease slightly, i.e. this buffer has run out. And, now, if larger energy bills increase expenses, then certainly nothing good can be expected for trade," he added.
Editor: Merili Nael, Helen Wright
Source: Aktuaalne kaamera