Report published August 13, 2026
Goldman Sachs Analysis: Brazil Core & Broad Retail Sales (June 2026)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- Not stated in source
Authors / editors: Alberto Ramos
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Brazil's core retail sales printed at a stronger-than-expected +0.5% mom sa in June, whereas broad retail sales dropped 1.0% mom sa. Robust fiscal transfers and strong real disposable income gains support income-sensitive spending, offsetting drags from high credit costs.
Key Takeaways
- 1.Brazil's core/control retail sales rose 0.5% mom sa in June, outperforming Bloomberg consensus expectations of 0.0% mom sa.
- 2.Broad retail sales declined 1.0% mom sa in June, marked by weaknesses in clothing & footwear (-2.6% mom sa) and fuel & lubricants (-1.7% mom sa).
- 3.Divergence remains clear between credit-sensitive sectors (-1.7% mom sa) and income-sensitive sectors (+0.5% mom sa), reflecting tight monetary conditions versus fiscal support and labor gains.
Table of Contents
- Bottom Line
- KEY NUMBERS (June)
- DETAILS
- Weak Broad Retail Sales in June
- Moderating Retail Activity
Report data
Weak Broad Retail Sales in June
| Metric | Estimate | Context |
|---|---|---|
| Core/Control Retail Sales | 0.5 % mom sa | Above consensus forecast of 0.0% mom sa |
| Broad Retail Sales | -1.0 % mom sa | Above consensus forecast of -1.4% mom sa |
| Gross Household Real Disposable Income | 2.5 % yoy (3mma) | Expanded 2.5% yoy in June compared to 4.6% yoy a year ago |
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Authors / Editors
Reported Data Context
- Core/Control Retail Sales: 0.5 % mom sa (2026-06) · Source: IBGE, Goldman Sachs Global Investment Research
- Broad Retail Sales: -1.0 % mom sa (2026-06) · Source: IBGE, Goldman Sachs Global Investment Research
- Gross Household Real Disposable Income: 2.5 % yoy (3mma) (2026-06) · Source: Goldman Sachs Global Investment Research
Themes
Regions
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