Spain: Retail sales collapse in March due to Covid-19 shutdown
Retail sales plummeted 14.3% year-on-year in March, contrasting the 5.5% jump logged in February and marking the steepest drop on record. March’s plunge was the result of the lockdown measures implemented since 14 March to contain the spread of Covid-19, indicating that April’s figure will fare even worse as stores have been closed for the entire one-month period. Sales of personal equipment goods collapsed the most, followed by equipment goods and other goods. Notably, food sales jumped, fueled by some panic-buying and as households shifted their consumption at home.
On a distribution-based system, purchases at single retail, small chain and department stores nosedived while a slight increase was recorded at large chain stores.
Meanwhile, annual average retail sales growth fell to 1.4% in March from 2.6% in the previous month.