Eurozone countries spending less
(CS) Consumers are tightening the purse strings it appears after Eurostat recorded a 0.7% decline in retail spending in the eurozone.
The decline was slightly lower in the EU27 at 0.3%. Both measurements referred to consumer spending in September, compared to August 2011.
Worst hit were Portugal (-3.7%), Slovenia (-2.1%) and Spain (-1.7%). The data for Greece is classified confidential and not included in the Eurostat report. Luxembourg recorded a one percent decline in retail spending.
While 11 countries recorded a decline, two remained stable and eight recorded a rise in retail sales, with Poland (+2.4%), the UK (+1%) and Latvia (+0.9%) seeing the highest increase.
Overall, sales in food, drink and tobacco remained stable while non-food products are bearing the brunt of the decline.
In comparison to September 2010 retail sales were down by 0.5% in the food, drink and tobacco sector and 1.9% for non-food products in eurozone countries. The EU27 saw declines of 0.4% and 1.9% respectively.
Despite this overall decline Luxembourg did considerably better in September 2011 than the same month last year with an 8.3% increase in retail spending. Lithuania (+10.6%) and Latvia (+8.1%) were also among the ten countries where retail saw an increase.
The steepest decline in comparison to last year were seen in Malta (-7.5%), Portugal (-6.2%) and Spain (-5.8%).