Sales at Vienna shops have dropped by 2.2% in the first half of 2024, with furniture, clothing and shoe retailers particularly hard hit, according to officials.
The Vienna Chamber of Commerce reported that shops in the city have seen nearly €1.5 billion less in turnover compared to the same period last year.
Margarete Gumprecht from the chamber explained that the summer holiday season, recent high inflation, and a heatwave have not been kind to bricks-and-mortar retailers.
“The entire population is very conscious and deliberate when shopping,” Gumprecht noted. “All costs are rising, and at the end of the month, there’s simply less money left over for shopping.”
Gumprecht added that it will be a few months before a new federal government can implement trade policies to support retailers. In the meantime, Vienna’s economy will likely have to contend with high fixed costs and sluggish demand.
Austria is set to hold parliamentary elections on September 29, which will determine the composition of the next government.
Only the food trade, watch and jewellery shops, and car dealerships recorded an increase in turnover.