Luxembourg Retail May 2022

Luxembourg

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

July 22, 2022

Retail sales fell 2.5% year on year in May (April: +0.7% yoy). The fall came on the back of a broad-based deterioration across all subcomponents. Looking at the details of the release, a drop in food, beverages and tobacco sales were key drivers behind the contraction.

FocusEconomics Consensus Forecast panelists forecast private consumption to grow 3.1% in 2022, which is down 0.5 percentage points from last month’s forecast. In 2023, they see household spending increasing 2.7%.


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