Romania saw the biggest increase in retail sales volumes in the European Union, on a year-on-year basis, in June 2024, reporting a 10.2% increase.
According to Eurostat data from the member states for which data is available, Luxembourg (+7.9%), Croatia (+5.4%), Bulgaria (+4.4%) and Czechia (+4.4%) also saw notable volume sales increases.
At the other end of the spectrum, the largest decreases in retail sales were seen in Belgium (-7.3%), Estonia (-4.1%) and Austria (-3.9%). No data was available for Germany or Greece.
Overall, in June 2024 compared with June 2023, the calendar adjusted retail sales index increased by 0.1% in the European Union and decreased by 0.3% in the euro area.
Year-on-year, the volume of retail trade decreased by 0.5% for food, drinks, and tobacco, increased by 0.7% for non-food products (except automotive fuel), and rose by 0.5% for automotive fuel in specialised stores, the Eurostat data showed.
Retail recovery ‘postponed’
Commenting on the data, Bert Colijn, senior economist for the Eurozone at ING, observed that the figures show consumers have “postponed the retail recovery once more.” He pointed out that the retail sector has been out of sync with the economic cycle for years.
Following a “post-pandemic boom”, a prolonged retail recession set in, and recovery has been anticipated for some time. While there are signs that retail activity may have bottomed out, volumes aren’t increasing.
“The 0.3% decline in June illustrates that the consumer is taking longer to recover from the inflation shock and still maintains a preference for buying services over goods, although this preference is becoming smaller,” he said.
Retail sales volumes increase/decrease by EU member state, June 2024 (%)
| Romania | 10.2 (p) |
| Luxembourg | 7.9 |
| Croatia | 5.4 |
| Bulgaria | 4.4 (p) |
| Czechia | 4.4 |
| Cyprus | 3.9 |
| Portugal | 3.3 |
| Lithuania | 3.1 (p) |
| Hungary | 2.6 (p) |
| Denmark | 1.7 |
| Slovakia | 1.6 (p) |
| France | 0.4 (p) |
| Spain | 0.3 (p) |
| Finland | 0.1 |
| Slovenia | -0.1 (p) |
| Ireland | -0.3 (p) |
| Sweden | -0.3 (p) |
| Poland | -0.8 (p) |
| Italy | -0.9 |
| Malta | -1.0 (p) |
| Latvia | -2.0 |
| Netherlands | -2.3 (p) |
| Austria | -3.9 (p) |
| Estonia | -4.1 (p) |
| Belgium | -7.3 (p) |
| Germany | : (c) |
| Greece | : (c) |
(p) indicates a provisional figure.
(c) indicates that the data is confidential or not available.
