Retail companies in Germany turned over less in March than in February. According to the German Trade Association, consumer sentiment continued to deteriorate after the war in Ukraine.
The German retail trade suffered a slight decline in sales in March. Compared to the previous month, the price-adjusted (real) revenues fell by 0.1 percent, as reported by the Federal Statistical Office in Wiesbaden.
The fall followed a 0.1 percent rise in February. Since the beginning of the year, retail sales have stagnated overall, the statisticians said. Compared to March 2021, sales fell by 2.7 percent.
In nominal terms, i.e. including price increases, sales increased significantly both month-on-month and year-on-year. The Federal Office explained the difference to the real proceeds with the high price increases in the retail trade. Inflation has been unusually high for a long time.
In the food trade, real sales rose by 2.9 percent compared to the previous month. Compared to the same month last year, however, it fell by 5.4 percent. According to the statistician, panic buying because of the Ukraine war affected individual goods such as flour and cooking oil, but had no significant impact on the entire industry. Sales of textiles, clothing, shoes and leather goods fell by 8.4 percent compared to the previous month, while petrol stations earned 11.5 percent less in real terms, probably because consumers filled up less in view of the rapidly increasing fuel prices. Internet and mail order business shrank by 7.7 percent.
According to the German Retail Association (HDE), consumer sentiment continued to deteriorate after the war in Ukraine. The HDE consumption barometer fell in May for the sixth month in a row and reached an all-time low.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
