Data from Eurostat showed that retail sales declined by 0.3% in November, as expected, after rising by 0.4% in October (revised from +0.1%). In annual terms, retail sales fell by 1.1%, accelerating compared to October (-0.8%, revised from -1.2%)). Consensus estimates suggested a 1.5% drop. As for the EU countries, retail sales fell by 0.2% on a monthly basis and by 1.0% compared to November 2022. Overall, the drop in sales is highlighting weak consumer demand and the prospect of recession.
The data showed that in the eurozone the volume of retail trade decreased by 0.4% for non-food products and by 0.1% for food, drinks and tobacco, while it increased by 1.4% for automotive fuels. In the EU, the volume of retail trade decreased by 0.3% for non-food products and by 0.1% for food, drinks and tobacco, while it increased by 0.4% for automotive fuels.
The annual drop in retail sales in the eurozone was caused by a decline in trade in automotive fuels (-4.5%), food, drinks and tobacco products (-0.7%) and non-food products (-0.2%).
As for the EU countries, the largest yearly decreases in the total retail trade volume were registered in Slovenia (-11.1%), Estonia (-8.8%) and Hungary (-5.4%). The highest increases were observed in Spain (+6.8%), Croatia (+6.4%) and Denmark (+6.3%).