Editorial
Introductory words & legal notice
Dear readers,
Consumers in Europe continue to be affected by various crises. After inflation peaked in 2022, 2023 was characterized by an adjustment to the increased cost of living. Additionally, the multiple global crises and the loss of purchasing power caused uncertainty, which led to concerns and a change in consumer behavior.
Although inflation slowed significantly in 2024 and is almost approaching the European Central Bank's 2 percent target, the rise in purchasing power was unable to keep pace with price increases. Economic development in Europe varied, which led to divergent growth in purchasing power. The countries of Southern
and Eastern Europe in particular recorded dynamic growth and higher increases in purchasing power compared to the countries of Northern and Western Europe. This strong development in Southern and Eastern European countries is contributing to income convergence in the EU.
In the remainder of this study, we will present detailed information on the development of purchasing power and retail turnover in the individual European countries over the past year. Furthermore, the European states showed considerable differences in inflation rates. In the course of the study, you will also learn which political measures were taken in the
individual countries and how these influenced prices.
Consumer reactions to rising prices varied from country to country in Europe. While some saved on purchases or switched to discounters and private labels, others stuck to their usual brands and paid more attention to promotional offers.
Kind regards,Philipp Willroth Study lead, Geomarketing, GfK
Publisher: GfK GeoMarketing GmbH Werner-von-Siemens-Str. 2-6, Building 5109 76646 Bruchsal, Germany T +49 911 395 2222 | F +49 911 395 2929www.gfk.com/geomarketinggeomarketing.gfk@smb.nielseniq.com Management: Doris Steffen
Study lead: Dr. Philipp Willroth
Contributors: Jasmin Schlenk, Marisa Göb, Filip Vojtech, Udo Radtke, Thomas Muranyi
Press contact: Thomas Muranyi
Note on data basis: EU Commission data from May 2024Data as of own calculations: May 2024, August 2023Editorial deadline: June 2024
Trend analyses from Eurostat may be adjusted retrospectively.