December’s 0.3% m/m fall in retail sales volumes was worse than expected (consensus forecast +0.4% m/m, CE 0.0% m/m) and rounded off a disappointing Q4, with sales declining by 0.8% q/q in Q4 overall. But although the economy clearly struggled at the end of last year, we doubt that will last. As real incomes continue to grow, the retail sector should still have a better 2025.
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