Latest data released by Destatis - 1 July 2021

  • Prior -5.5%
  • Retail sales -2.4% vs -1.0% y/y expected
  • Prior +4.4%

The bounce in May owes much to the easing of restrictions so that is a positive development, which sets the tone for a perhaps stronger consumption outlook going into the summer as the virus situation has improved significantly in recent weeks as well.