EZ October retail sales fall 1.8% month-on-month
By Frank Prenesti
Date: Monday 05 Dec 2022
(Sharecast News) - Eurozone October retail sales fell 1.8% compared with September, according to data released by the EU on Monday.
Non-food products fell by 2.1% month on month and by 1.5% for food, drinks and tobacco, while it grew by 0.3% for automotive fuels.
On a yearly basis, retail trade decreased by 3.9% for food, drinks and tobacco and by 2.6% for non-food products, while it grew by 2.5% for automotive fuels.
Year on year the adjusted retail sales index decreased by 2.7% in the euro area and by 2.4% across the 27-member bloc.
"If EZ retail sales hold steady at October's level in November and December, they will have fallen by 1.3% over Q4 as a whole. We look for a slightly smaller 1.0% decline, assuming a rise in sales in November, as mail orders will have been boosted by the spread of Black Friday discounts to Europe," said analysts at Pantheon Macroeconomics.
"This would still mark a bigger decline than in Q3, when sales fell by 0.6%, and would mean that retail sales have now fallen in four straight quarters. With services spending, such as on restaurants, also likely easing-as consumers forgo outings to ensure enough funds for energy bills-and consumer confidence still depressed, we think overall household spending will fall in Q4 too."
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