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Retail Sales Slump in March

EUROZONE DATA
MNI (London)

EUROZONE MAR RETAIL SALES -0.4% M/M, +0.8% Y/Y; FEB +5.2%r Y/Y

  • The March print saw retail sales slump for the Euro area, dipping to -0.4% m/m (0.2pp below forecast) and softening to +0.8% y/y (1.0pp below forecast). This was the lowest year-on-year growth since February 2021.
  • Compared to February, the volume of retail trade fell for automotive fuels (-2.9%) and non-food products (-1.2%). Food, drinks and tobacco sales increased 0.8%.
  • The combination of high inflation squeezing incomes and strong service sector output saw dampened demand shift towards the service industry, leaving March retail to fall.

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EUROZONE MAR RETAIL SALES -0.4% M/M, +0.8% Y/Y; FEB +5.2%r Y/Y

  • The March print saw retail sales slump for the Euro area, dipping to -0.4% m/m (0.2pp below forecast) and softening to +0.8% y/y (1.0pp below forecast). This was the lowest year-on-year growth since February 2021.
  • Compared to February, the volume of retail trade fell for automotive fuels (-2.9%) and non-food products (-1.2%). Food, drinks and tobacco sales increased 0.8%.
  • The combination of high inflation squeezing incomes and strong service sector output saw dampened demand shift towards the service industry, leaving March retail to fall.