The General Retail Trade Index (ICM) at constant prices closed December 2024 with a 4.0% variation compared to the same month of the previous year, demonstrating a notable boost in sales. This growth was 3.1 points higher than in November, consolidating the upward trend of the retail sector at the end of the year.
Positive Annual Growth
Throughout 2024, retail sales increased by 1.7% in the series adjusted for seasonal and calendar effects and by 2.1% in the original series. This performance reflects the sector’s recovery, driven by increased consumption and stable demand.
Monthly Sales Evolution
On a monthly basis, the ICM recorded a 1.5% increase between November and December, an improvement of 2.2 points compared to the previous month. All distribution modes experienced increases in December, with large retail stores standing out with a 3.7% rise. Likewise, the general index excluding service stations grew by 1.9%, with a 1.0% increase in food sales and a 2.2% rise in other products.
Canary Islands: The Region with the Highest Growth
Retail sales at constant prices increased annually in all autonomous communities in December, with the Canary Islands leading the growth with a 6.5% increase. Over the entire year, the Canary Islands also recorded the highest sales increase at 5.2%, consolidating itself as the region with the best performance in the retail sector.
Employment Growth in the Sector
Employment in the retail sector also showed a positive evolution. In December 2024, employment in the sector grew by 1.7% compared to the same month in the previous year, although this rate was two-tenths lower than in November. On an annual average, employment in the retail sector experienced a 1.9% increase, reflecting the labor market’s stability in this field.
Outlook for 2025
The positive retail trade data in 2024 suggest a consolidation of the sector’s recovery, with optimistic expectations for 2025. Factors such as digitalization, adaptation to new consumption habits, and employment stability will continue to play a key role in the future evolution of the retail sector.
source: INE