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EZ Retail Trade Indicates Weak Consumer Demand in 2023 Holiday Season

EUROZONE DATA
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We have compared EZ Retail Trade Volumes for the 2-months of November and December to compare spending in the holiday season in 2023 to 2022.

  • 2023's combined total retail sales were -0.6% lower than the same period in 2022.
  • However, this fall was partially due to the volatile 'Automotive Fuel' component - with volumes down -4.8% Y/Y.
  • 'Food, Beverage and Tobacco' trade volumes fell -0.9% in the final two months of 2023 compared to the same period of 2022.
  • Non-food (ex-fuel) retail volume on the other hand rose slightly by +0.3% Y/Y in November/December 2023 - showing signs of only a weak increase in consumer spending despite inflation beginning to to cool.
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We have compared EZ Retail Trade Volumes for the 2-months of November and December to compare spending in the holiday season in 2023 to 2022.

  • 2023's combined total retail sales were -0.6% lower than the same period in 2022.
  • However, this fall was partially due to the volatile 'Automotive Fuel' component - with volumes down -4.8% Y/Y.
  • 'Food, Beverage and Tobacco' trade volumes fell -0.9% in the final two months of 2023 compared to the same period of 2022.
  • Non-food (ex-fuel) retail volume on the other hand rose slightly by +0.3% Y/Y in November/December 2023 - showing signs of only a weak increase in consumer spending despite inflation beginning to to cool.