RETAIL OUTLOOK IN MAY

Retail sales continue to beat market expectations.  That could be because expectations have been set very low.

Still, all major markets have dodged the threat of a recession that was looming over the industry for more than a year.  The exception being Germany, which is still facing strong economic headwinds.

While a subset of consumers are feeling the pressure of inflation and high interest rates, the middle class consumer is coping fairly well.