Retail sales in Germany fell more than expected in January this year as the COVID-19-induced lockdown and the withdrawal of a temporary cut in sales tax hit consumer spending. Retail sales fell by 4.5 per cent in the month in real terms after an upwardly revised decline of 9.1 per cent in December, according to data from the Federal Statistics Office.
"This decline can be explained by the ongoing coronavirus lockdown, which meant a closure of many retail stores since December 16, 2020," the statistics office said.Retail sales in Germany fell more than expected in January this year as the COVID-19-induced lockdown and the withdrawal of a temporary cut in sales tax hit consumer spending. Retail sales fell by 4.5 per cent in the month in real terms after an upwardly revised decline of 9.1 per cent in December, according to data from the Federal Statistics Office.#
Fashion retail sales plunged by 76.6 per cent year on year (YoY), while sales of groceries were up by 4.3 per cent YoY as supermarkets and convenience stores remained open.
Online retailers continued to benefit from shifting consumer habits with sales up 31.7 per cent, a global newswire reported.
The current lockdown measures are in place until at least March 7.
Fibre2Fashion News Desk (DS)
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