German Retail Sales Fall Fastest in 28 Years

German retailers sold 8.8 percent less in June than a year earlier. That is the sharpest drop since the measurements started in 1994, reports the German federal statistical office Destatis.

 

As in other European countries, consumers in Germany are gloomy. At the end of June, market researcher GfK reported that consumer confidence in the largest economy in the European Union had fallen to an all-time low.

This could be because they are spending more and more money on energy and food, expenses that you cannot simply cancel.

Compared to May, the German retail trade sold 1.6 percent less. The German statistical office considered the high inflation in the past year when calculating the decrease. Without adjusting for price increases, retail sales fell 0.8 percent compared to June 2021 and 0.5 percent compared to May.

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