Spain Retail April 2021

Spain

Spain: Retail sales surge on an extremely low base effect in April

May 28, 2021

Retail sales skyrocketed 38.5% compared to the same month of 2020 in April 2021, after jumping 181% in March, again benefiting from an extremely low base effect.

Looking at the details of the release, April’s faster increase reflected a broad-based acceleration in growth across all types of stores. Sales at single retail, small chain, department stores and large chain stores all expanded at sharper paces in the month.

On a seasonally- and calendar-adjusted monthly basis, retail sales dipped 0.4% in April, contrasting the 2.7% rise logged in March. Lastly, the trend pointed up, with the annual average variation of retail sales coming in at minus 2.0% in April, from March’s minus 6.5% reading.

Commenting on the near-term outlook for consumer spending, Angel Talavera, head of Europe Economics at Oxford economics, stated:

“We still expect a strong pickup later this year and next as normal activities resume, especially given the large amount of excess savings that households have accumulated.”

FocusEconomics Consensus Forecast panelists see private consumption growing 6.2% in 2021 and 5.3% in 2022.


Author: Massimo Bassetti, Senior Economist

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Spain Retail Chart


Spain Retail April 2021

Note: Year-on-year and annual average variation of retail sales in %.
Source: National Statistical Institute (INE) and FocusEconomics calculations.


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