Euro-zone retail sales were unchanged in May from April, Eurostat said on Thursday, with higher spending on non-food items offsetting declines in food and fuel.
On an annual basis, the volume of retail sales in the 20 countries that use the euro decreased by 2.9% in May.
Expectations in a Reuters poll of economists were for a 0.2% monthly increase and a 2.7% decrease from a year earlier.
Consumption has been sluggish as real incomes have fallen and households now spend a larger share of their income on expensive energy and on credit and mortgage payments, eroding demand for other goods.
Households have also increased their savings due to higher interest rates and as a precaution at a time of low economic growth.
Retail sales were also unchanged in April following monthly declines in February and March. In the year-to-date comparison, retail sales have lost for eight consecutive months.
Sales of food, beverages and tobacco decreased by 0.5% compared to April and those of auto fuel by 0.3%. Sales of non-food products increased by 0.1%, while online sales decreased by 0.9%.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
