European retail in 2022 and 2023

GfK study on key retail indicators across multiple European countries

European retail in 2022 and 2023

Since the beginning of the COVID-19 pandemic, the European retail sector has been experiencing one crisis after another. And even though purchasing power in the 27 European member states increased in 2022 by 6.1 percent to 18,468 euros per capita, consumers have less disposable income than before in real terms. This is due to price increases arising from an inflation rate of 9.2 percent in Europe in 2022. 

Rising prices for energy, and subsequently also for basic products such as food and drugstore items, have shifted consumers’ focus more towards everyday goods, and less towards luxury items. Price increases have become an omnipresent topic of conversation, and consumers are reacting to them with increased price sensitivity, a switch from branded to non-branded products, and a reluctance to buy medium and long-term goods.

In this study, we take a look at the development of retail in Europe under these prefixes. A special focus this year is on inflation, how it has developed regionally and broken down by various retail product lines, and how consumers and retailers have reacted to it.

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