Numbers out today from Eurostat:
In August 2011 compared with July 2011, the volume of retail trade fell by 0.3% in the euro area (EA17) and by 0.2% in the EU27. In July retail trade rose by 0.2% and 0.1% respectively.It's not a precipitous slide at this point, but it certainly does seem that the Eurozone consumer is slowly retrenching. That's not going to help the Eurozone's problems - after all, consumers who are cutting back on eating out and shopping are probably not planning romantic getaways to Greece, Italy, or Spain either.
In August 2011 compared with August 2010, the retail sales index decreased by 1.0% in the euro area and by 0.8% in the EU27.