On a year-on-year basis, the calendar-adjusted retail sales index fell by 1 per cent in the euro area and 1.2 per cent in the EU when compared to July 2022.

However, it wasn't all doom and gloom. In July 2023, compared to the previous month, the volume of retail trade for non-food products actually increased by 0.5 per cent in the euro area and 0.6 per cent in the EU. This suggests a degree of resilience or perhaps a shifting consumer focus within the retail sector, as per Eurostat.

Denmark and Ireland led the monthly declines with a drop of 2.3 per cent each in total retail trade volume, followed by the Netherlands and Luxembourg with 1.4 per cent and 1.3 per cent reductions respectively. On the flip side, Portugal recorded the highest monthly increase, at 1.1 per cent, followed by Sweden and Cyprus, both up by 1 per cent and 0.8 per cent respectively.

In yearly terms, compared to July 2022, non-food retail trade volumes grew by 1.1 per cent in the euro area and 0.7 per cent in the EU.

Among the member states, Slovenia saw the most dramatic yearly decrease in total retail trade volume, plunging by 16.3 per cent, trailed by Estonia and Hungary with declines of 8.6 per cent and 7.6 per cent respectively. Conversely, Spain, Cyprus, and Luxembourg led the pack with yearly gains of 8.6 per cent, 8 per cent, and 6.9 per cent respectively.

Fibre2Fashion News Desk (DP)