Luxembourg: Retail sales fall at sharpest rate since July 2021 in March
Retail sales fell 4.5% year on year in March (February: -1.7% yoy). The outturn marked the worst reading since July 2021. Looking at the details of the release, household equipment sales contracted at a stronger pace, while sales of food, beverages and tobacco dropped again, albeit at a softer pace. Lastly, fuel sales at specialized stores swung to a notable contraction, likely driven by a surge in oil prices amid the war in Ukraine.
Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 6.1% in March, down from February’s 8.4% reading.