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Euro zone retail sales up in October on non-food purchases -Breaking


© Reuters. FILEPHOTO: Shoppers carry bags in Hohe Strasse as COVID-19 continues its spread. REUTERS/Thilo Schmuelgen

BRUSSELS/Reuters – Eurozone retail sales rose as expected in October due to consumers spending more online on purchases other than food, Eurostat data showed Friday.

According to the European Union statistics office, retail sales were a measure of consumer demand in the 19 Euro-member countries. In October, they rose 0.2% month on month and increased 1.4% compared with a year before.

According to Reuters polling, economists had forecast increases of 1.2% and 0.2% respectively.

Due to rising energy costs and increasing coronavirus infections, consumer are more likely to become cautious over the next few months.

A survey conducted by the European Commission on Monday showed that consumer sentiment dropped for the second consecutive November. The results show that households are less positive about plans to purchase large quantities of goods and more concerned about the economic environment.

Eurostat reported that car fuel sales increased 1.3% in October, while sales of food, drink and tobacco fell 0.1%. Sales of non-food items increased 0.4% with an increase of 3.2% in Internet sales and mail order.

Slovenia and Portugal had the most dramatic rises within the Euro Zone, with Latvia, Austria, Estonia and Estonia experiencing the biggest declines.

Click here to view the Eurostat Release

http://ec.europa.eu/eurostat/news/news-releases

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.