European spending shrinks in May - Global trade tensions "hold back" consumers
Eurozone retail sales fell by the most in nearly two years on Monday as economic uncertainty over U.S. trade tariffs weighed on consumer spending.
Eurozone retail sales fell at the fastest monthly pace in nearly two years in May as rising uncertainty over U.S. trade tariffs curbed consumer spending.
According to preliminary estimates published by Eurostat, seasonally adjusted retail trade volume fell by 0.7% in the euro area and by 0.8% in the EU as a whole in May, compared with April. The figure is in line with economists' forecasts, but marks the biggest decline since August 2023.
This slowdown comes after a modest recovery in April, when sales rose by 0.3% in the eurozone and by 0.8% in the European Union.
On an annual basis, retail sales expansion in the eurozone slowed from 2.7% in April to just 1.8% in May, the weakest growth since July 2024.
In the euro area, all major retail sectors experienced contractions. Sales of food, beverages and tobacco fell by 0.7%, while non-food products, excluding automotive fuel, decreased by 0.6%. Sales of automotive fuel fell the most, by 1.3% in specialist outlets.
In the European Union, the declines were similarly spread, with sales of food and beverages falling by 0.8%, non-food products falling by 0.7% and automotive fuel decreasing by 1.2%.
Among EU member states, the strongest monthly contractions were observed in Sweden (-4.6%), Belgium (-2.5%) and Estonia (-2.2%). Meanwhile, Portugal (+2.1%), Bulgaria (+2.0%) and Cyprus (+1.0%) recorded the largest increases.
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