Retail sales were down 3.1% year-on-year in February 2023 on a volume basis, according to new figures from Eurostat. The figures marked a deterioration from previous months – sales volumes were down 1.6% year-on-year in January 2023, and down 2.5% in December 2022.
Sales of Food, Drinks & Tobacco were down 4.9% year-on-year during the month, while non-food sales (excl. fuel) were down 1.9%.
Volumes were worst affected in Hungary, where sales fell by 10.1% year-on-year for the month, followed by Sweden (-8.5%), Germany (-7%), and Belgium (-6.1%). Growth was reported in Cyprus (+8.3%) and Spain (+4.7%), amongst others.
On a month-on-month basis, retail sales were down 0.9% for February. The results were impacted by a 0.6% decline in the Food, Drinks & Tobacco segment and a 0.7% decline in non-food products.
NAM Implications:
- No surprises here.
- …given the poor state of EU economies.
- And the prevailing cash-strapped mode of consumers.
- Therefore any growth has to come at the expense of rivals…
- …or else.
- i.e. back to basics.
