2024: The year of retail
Spain led in 2023 the annual growth of retail sales within the European Union.
The Spanish economy posted moderate growth in 2023, influenced by high inflation and rising interest rates. This was reflected in consumers' purchasing power, as the increase in product prices made them more selective when buying. As a result, the profitability of many retailers has been impacted, especially smaller operators with more limited financial resources.
However, a recovering economy, positive labour market figures and the consolidation of the tourism sector with record pre pandemic
numbers were been the main drivers of spending in 2023. Better economic conditions are expected in 2024, with inflation beginning to taper off and improvements in interest rates. If the labour market remains strong, this will drive growth in consumption and retail sales volumes.
Download our annual report to learn more about the performance of the retail market in Spain.
