Latest data released by Destatis - 1 April 2021

  • Prior -4.5%; revised to -6.5%
  • Retail sales -9.0% vs -5.0% y/y expected
  • Prior -8.7%; revised to -9.3%

A minor bounce in retail sales activity in February but it do much to distract from the plunge seen in December and January, as lockdown measures continue to weigh on German consumption in general.

With tighter restrictions being extended into Q2 now, expect consumption activity to remain more subdued in the coming months as well.