Year-on-year (YoY) figures for December also show a downward trend, with the calendar-adjusted retail sales index falling by 0.8 per cent in the euro area and by 0.7 per cent in the EU compared to December 2022. Moreover, the annual average level of retail trade for 2023 saw a decrease of 1.8 per cent in both the euro area and the EU when compared to 2022.

A closer look at the data reveals a specific decline in the volume of retail trade for non-food products by 1 per cent in the euro area and by 1.1 per cent in the EU in December 2023, compared to the previous month, as per Eurostat.

Among the Member States, Slovenia (down 3.6 per cent), Denmark (down 3.2 per cent), and Luxembourg (down 3.1 per cent) registered the largest monthly decreases in total retail trade volume. Conversely, Slovakia (up 2 per cent), Croatia and Hungary (both up 1.4 per cent), and Portugal (up 0.7 per cent) saw the highest increases.

Despite the overall decline, some sectors experienced growth on a YoY basis. The volume of retail trade for non-food products in December 2023 grew by 0.1 per cent in the euro area and by 0.4 per cent in the EU compared with December 2022. Croatia (up 8.9 per cent), Cyprus (up 3.8 per cent), and Spain (up 3.4 per cent) led with the highest increases, whereas Slovenia (down 15 per cent), Estonia (down 4.2 per cent), and Slovakia (down 3.8 per cent) faced the steepest yearly decreases in total retail trade volume.

Fibre2Fashion News Desk (DP)