Eurozone retail sales edged lower in March, with the volume of retail trade falling -0.1% mom, outperforming expectations for a steeper -0.4% mom decline. The data suggest consumer spending remains soft, as higher energy costs and geopolitical uncertainty continue weighing on confidence across the region.
The monthly decline in Eurozone was driven primarily by weaker fuel spending, with sales of automotive fuel in specialized stores dropping -1.6% mom. Food, drinks, and tobacco sales also slipped -0.3% mom. However, non-food products excluding fuel showed resilience, rising 0.6% mom and partially offsetting broader weakness in household consumption.
Across the wider EU, retail sales fell -0.3% mom. Country-level performance was highly uneven, with Slovenia, Luxembourg, and Belgium recording the strongest monthly gains, while Germany posted a sharp -2.1% decline. The data reinforce the broader picture of a fragile European consumer sector, where spending remains constrained by elevated inflation pressures and slowing economic momentum.
| Indicator | Previous | Latest | Expectation |
|---|---|---|---|
| Eurozone Retail Sales (MoM) | — | -0.1% | -0.4% |
| EU Retail Sales (MoM) | — | -0.3% | — |
| Eurozone Category | Monthly Change |
|---|---|
| Food, Drinks & Tobacco | -0.3% |
| Non-Food Products (ex-fuel) | +0.6% |
| Automotive Fuel | -1.6% |
| EU Strongest Performers | Monthly Change |
|---|---|
| Slovenia | +4.3% |
| Luxembourg | +4.0% |
| Belgium | +3.6% |
| EU Weakest Performers | Monthly Change |
| Germany | -2.1% |
| Malta | -0.4% |
| Italy | -0.1% |
| Latvia | -0.1% |
