Luxembourg Retail March 2022

Luxembourg

Luxembourg: Retail sales fall at sharpest rate since July 2021 in March

May 26, 2022

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.

FocusEconomics Consensus Forecast panelists forecast private consumption to grow 3.6% in 2022, which is down 0.6 percentage points from last month’s forecast. In 2023, they see household spending increasing 2.7%.


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Luxembourg Retail March 2022

Note: Year on year and annual average growth of retail sales in %.
Source: Statistical Office of Luxembourg (STATEC)


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