Data published by the Federal Statistical Office (Destatis) showed that retail sales fell by 2.5% in November, offsetting the October increase (+1.1%). Economists had expected a decline of only 0.1%. In annual terms, retail sales fell by 2.4% after a 0.1% decline in October. Consensus estimates suggested a 0.5% drop. Meanwhile, from January to November, retail sales fell by 3.3% compared to the corresponding period of the previous year.
The Destatis said that food sales declined by 0.5% in November. Compared to November 2022, food sales decreased by 0.7%. This decrease in real sales combined with a significant increase in nominal sales (+4.3%) means that consumers bought fewer products than in the same months of the previous year, but were forced to spend significantly more money on them. Meanwhile, sales of non-food products fell by 3.6% on a monthly basis and by 3.1% per year. Online and mail order sales decreased by 2.8% compared to October and fell by 3.5% per year.