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Wholesaling: Drastic sales declines weakens investment propensity

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  • Manuel Birnbrich

Abstract

In 2008 wholesalers still benefited from the favourable economic situation. Sales (without motor vehicles) increased in 2008 nominally by almost 8 percent or by 3.7 percent in real terms. Already in autumn 2008 a negative development set in, however. In the first half of 2009 wholesalers sold 16 percent (9 percent in real terms) less than at the same time of the previous year. Industrial B2B was particularly hard hit. Here sales declined by 23 percent. Consumer goods wholesalers were less strongly affected, but they also suffered turnover losses. Since May the Ifo Business Climate indicator in wholesaling has been rising, but the scepticism of the wholesalers concerning the business outlook is still substantial so that their investment propensity has also weakened considerably in comparison to the previous year. In 2009 investments will be largely limited to replacement purchases and to individual strategic investment areas such as information and communication technology. Overall, the results of this year’s Ifo Investment Survey point to a 14 percent decline in wholesale investments.

Suggested Citation

  • Manuel Birnbrich, 2009. "Wholesaling: Drastic sales declines weakens investment propensity," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(16), pages 49-52, August.
    • Handle: RePEc:ces:ifosdt:v:62:y:2009:i:16:p:49-52
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    File URL: https://www.ifo.de/DocDL/ifosd_2009_16_5.pdf
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    References listed on IDEAS

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    1. Klaus Abberger & Christa Hainz & André Kunkel, 2009. "Bank lending policies: Why do large firms in particular suffer?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(14), pages 32-34, July.
    2. André Kunkel & Klaus Abberger, 2009. "Firms report more restrictive loan policies of banks," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(07), pages 30-32, April.
    3. Manuel Birnbrich, 2009. "Retailers and Car Dealers: Clear Decline in Investments in 2009," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(15), pages 33-37, August.
    4. Joachim Gürtler & Arno Städtler, 2009. "Plunge in equipment investments -business climate in leasing shows signs of bottoming out," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 62(13), pages 38-41, July.
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    Cited by:

    1. Stefan Sauer, 2010. "Investment Survey in Distribution 2010: Clearly improved investment propensity," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(21), pages 29-33, November.

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    More about this item

    JEL classification:

    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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