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Eurozone shoppers not scared by Brexit vote

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Eurozone shoppers not scared by Brexit vote

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It wasn’t exactly shop till you drop, but there was good news for eurozone retailers in July.

Sales rose quite a bit more than expected, posting the largest monthly increase this year.

According to Eurostat retail sales – which are a guide to overall household spending – were up by 1.1 percent compared to June when there was a 0.1 percent fall.

And they increased by 2.9 percent from July last year.

Consumers seemed to have shrugged off post-Brexit vote uncertainty and the fact that the euro area’s two biggest economies – Germany and France – are showing signs of slowing down.

No Brexit vote effect

The boost in retail sales came in the month following the June 23 Brexit referendum, in a sign that consumers’ morale was not immediately hit by the British vote to leave the EU.

Monthly retail sales in the European Union as a whole were also the strongest of the year in July, growing 1.0 percent during the month, after a 0.2 percent fall in June. In Britain sales increased 1.3 percent in July after a 0.8 percent drop in June.

In the eurozone, monthly sales were boosted mostly by a 1.8 percent spike in consumer purchases of car fuel. Retail sales of food, drinks and tobacco products went up 1.1 percent.

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