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EUROZONE DATA: A Tepid Bounce For Retail Sales

EUROZONE DATA
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Eurozone retail trade volumes printed below consensus at 0.1% M/M in November (vs 0.3% consensus) although it followed an upward revised -0.3% in October (initial -0.5%). On an annual basis, volumes rose 1.2% Y/Y after 2.1% Y/Y in October (revised up from 1.9%) for its lowest rate since July 2024.

  • The monthly sequential improvement came from a bounce in fuel sales whilst growth in food, drinks & tobacco softened slightly. Non-food products fell further, by the same pace as in October. Specifically:
  • Non-food products (Ex Fuel) fell by 0.6% M/M for the second consecutive month.
  • Food, drinks and tobacco sales rose a marginal 0.1% M/M (down from 0.2% in October).
  • Automotive fuel retail trade increased 0.8% M/M (after -0.4% in October) - the highest M/M change since August 2024.
  • From the largest Eurozone members: Germany and Spain both recorded a fall in sales for the second consecutive month printing -0.6% M/M (down from -0.3% and -0.1% in October) and Belgium also recorded its second successive negative print with -2.4% M/M (after -1.7% in October). Netherlands saw retail trade fall 0.1% M/M (up from -0.2% prior) and the third consecutive monthly fall. In contrast, France retail trade increased 0.3% M/M after two months of negative sales. Note Italy retail sales will be published tomorrow.
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Eurozone retail trade volumes printed below consensus at 0.1% M/M in November (vs 0.3% consensus) although it followed an upward revised -0.3% in October (initial -0.5%). On an annual basis, volumes rose 1.2% Y/Y after 2.1% Y/Y in October (revised up from 1.9%) for its lowest rate since July 2024.

  • The monthly sequential improvement came from a bounce in fuel sales whilst growth in food, drinks & tobacco softened slightly. Non-food products fell further, by the same pace as in October. Specifically:
  • Non-food products (Ex Fuel) fell by 0.6% M/M for the second consecutive month.
  • Food, drinks and tobacco sales rose a marginal 0.1% M/M (down from 0.2% in October).
  • Automotive fuel retail trade increased 0.8% M/M (after -0.4% in October) - the highest M/M change since August 2024.
  • From the largest Eurozone members: Germany and Spain both recorded a fall in sales for the second consecutive month printing -0.6% M/M (down from -0.3% and -0.1% in October) and Belgium also recorded its second successive negative print with -2.4% M/M (after -1.7% in October). Netherlands saw retail trade fall 0.1% M/M (up from -0.2% prior) and the third consecutive monthly fall. In contrast, France retail trade increased 0.3% M/M after two months of negative sales. Note Italy retail sales will be published tomorrow.