Latest data released by Eurostat - 5 August 2020
- Prior +17.8%; revised to +20.3%
- Retail sales +1.3% vs -0.2% y/y expected
- Prior -5.1%; revised to -3.1%
Retail sales activity continues to pick up after bottoming out in April, with textiles, clothing and footwear contributing to the big beat once again. This could still be largely due to pent-up demand but regardless, is a lagging indicator since this pertains to Q2.
It remains to be seen if consumption/spending can be sustained at such better levels in Q3/Q4, and that will be subject to virus and labour market conditions in the region.
