Germany December retail sales -9.6% vs -2.0% m/m expected
Latest data released by Destatis - 1 February 2021
Slight delay in the release by the source. That is a major dent to German retail sales at the end of last year as consumption activity takes a massive knock following tighter restrictions to curb the virus outbreak across the country.
- Prior +1.9%; revised to +1.1%
- Retail sales +1.5% vs +4.7% y/y expected
- Prior +5.6%; revised to +5.0%
Statistically speaking, this represents the worst one-month decline in German retail sales (% wise) since 1956. The bright spot though is that despite the tough conditions last year, retail sales still showed an improvement relative to the year-on-year benchmark.
That owes much to pent-up demand flowing through mostly in Q3 but still, this doesn't bode well for the outlook going into this year as lockdown measures are still very much in place and are likely to be extended further into the latter stages of Q1.