The euro zone debt crisis is sapping consumer confidence and if policymakers do not take effective action soon the consequences will be felt the world over, retail executives warned on Monday.
A survey of 100 retailers with annual turnover of more than $1 billion, published on the first day of the World Retail Congress in Berlin, showed western European store groups more pessimistic about domestic consumer confidence than those in any other part of the world, except Australia.
"People are afraid of losing their money. People are not spending as they could," Lovro Mandac, chairman of German department store chain Kaufhof (MEOG.DE) and vice president of the German retail federation told an audience of around 900 industry leaders. Read more at Reuters
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