Contrary to the upward trend in 7/8 previous months, January retail sales (nominal) declined -0.8% MoM (worse than expected -0.2% MoM).
Sales control group (control group: group included in GDP calculation): -0.4% MoM (< +0.3% expected) strongest decline since March 2023: .
→ Consumers tightening spending amid: high borrowing costs + rising credit card delinquency rates.
