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Euro area retail sales tick higher in October

Retail sales across the single currency zone rise but fall short of forecasts as cost pressures continue to drag on consumer activity.

6 December 2023

EU area retail sales advanced by 0.1% over the month of October, just below estimates of an 0.2% increase. This marks only the second time retail sales have risen on a month-on-month basis in 2023, with the other monthly prints either flat or negative.

From a high-altitude view you could be persuaded that perhaps this is a sign that inflation pressures are finally receding for consumers, but when viewed up close, many of the bigger EU economies are actually still seeing negative retail sales growth, with France, Spain and Portugal all negative over the month. It was only the likes of Sweden, Germany and eastern European nations that helped the number into positive territory.

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Charles Hepworth

Investment Director
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