The share of EU retail spending continues to fall: report from GfK

By: Trademagazin Date: 2024. 08. 21. 12:10

According to the latest study by GfK, the proportion of retail spending in the European Union has decreased for two consecutive years, despite the fact that purchasing power and retail turnover increased in 2023. According to the report, only 33.9% of household consumption in the EU was spent in retail, compared to previous years.

The study points out that while the EU average shows a decrease, in Hungary and other Eastern European countries, such as Bulgaria and Croatia, the ratio of retail expenses is significantly higher, exceeding 45%. In contrast, in Germany, only 27% of consumers spend in retail, which is the lowest rate in the EU.

Although purchasing power and retail turnover both increased by 5.5% in 2023, this increase can be considered relative due to high inflation. Although EU inflation has decreased, it is still at a high level of 6.4% and is expected to remain at 2.7% in 2024. According to the study, despite the moderation of inflation and economic uncertainties, the growth rate of the retail sector remains different from country to country.

The crises of recent years have had a profound impact on consumer habits. According to the GfK study, more and more European customers are turning to private label products, especially in countries with higher purchasing power such as Spain, the Netherlands and Germany. In Spain, for example, the share of private label products in the FMCG market reached 47%.

GfK’s analysis provides a comprehensive picture of the current situation of European retail, showing regional differences and changes in customer behavior. The study highlights the extent to which trends and challenges in the retail sector affect the European economy and what strategies are needed for future growth.
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