Luxembourg is the second in EU in retail sales growth

European stores sold slightly more in January than the previous month. Especially food, drinks, and tobacco were more popular among consumers, while less fuel for vehicles was sold. This was reported by the European statistical agency Eurostat.

The number of products sold by European retailers increased by 0.3 percent. According to Eurostat, this applies to both the European Union and the eurozone, the countries that use the euro as their currency. In December, there was a decrease of 1.6 percent and 1.7 percent, respectively.

The strongest increase was seen in the Netherlands, where sales increased by 4.9 percent compared to December. Luxembourg us the second (plus 4.6 percent) and Slovenia (plus 4.1 percent). In Austria, the number of products sold decreased the most, by 9.8 percent.

Economists from ING indicate that a recovery was expected after December, but that the 0.3 percent increase on a monthly basis is “weak”. As a result, further growth during the first quarter “will be a challenge.” However, the inflation peak seems to be behind us, which is positive for consumers, according to ING. But because purchasing power is still under pressure, “it does not seem that there is much momentum for a quick recovery in 2023.