The third quarter of 2020 saw a year-on-year increase in turnover of about 15% in the ‘groceries and non-alcoholic drinks’ and the ‘furnishings and household equipment’ commodity groups. Sales of clothing and footwear increased by 6%.
Faroese households have been purchasing significantly more of groceries in Q2 and Q3 of 2020, compared to the same period in 2019. Rather than having had a negative effect on consumer demand and purchasing power, the Covid-19 pandemic appears to have been a boon for retailers.
The ‘groceries and non-alcoholic drinks’ category saw an unusually big year-on-year increase in turnover (15%) in the first three quarters of last year. Prices in this category increased, on average, by 1.6% from Q3 2019 to Q3 2020. Converted to volume, the increase is 13%.
Sales of ‘clothing and footwear’ went up by 6% in Q3 2020 compared to Q3 2019. Average prices in this category increased by 5% over the same period. Converted to volume, this figure remains roughly unchanged.
Retail sales of furnishings and household equipment grew by 15% in Q3 2020 compared to Q3 2019. This growth stems from an increase in volume sales as the price remains roughly unchanged over this period.