Euro area retail sales rose by 17.8% in May, following a 12.1% plunge in April. That left total sales down 5.1% year-on-year. It is clear from these figures that there was pent-up demand in May. The question is whether that represents a one-off spending spree following weeks of lockdown, or is evidence that consumers will have less psychological scarring from the recent epidemic than some had feared. It is hard to be definitive, but daily alternative data, point to a further rise in spending last month. Average visits to retail and recreation stores continued to rise in June, pointing to an ongoing consumer recovery.
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