EU Retail Outlook Q2 2024

Key takeaways from the report are:

EU Wholesale

• Wholesale is still losing volume because of depressed demand
• Huge volume losses in manufacturing sector drag down turnover
• Slight return to real turnover growth in retail not yet sufficient to stem decline

EU Food Retail

• Stopped the downward real turnover trend in January 2023
• Returned to a modest volume growth over the summer
• But saw a return to volume declines in Q4 2023

EU Non-Food Retail

• Bucking the downward trend since early 2022, with mostly stable volumes

EU Consumers

• Purchasing power and intent slowly rising
• Still downtrading in most product categories, but trend is declining in line with purchasing power recovery
• Most inflation-driven changes in consumption patterns are sticky for now
• Health & special occasions are (for now) the most cited exceptions to downtrading trend
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