Business turnover jumps

End of restrictions, soaring tourism, high inflation sent corporate takings higher in 2022

Business turnover jumps

Retail commerce turnover approached 62 billion euros in 2022, a development which is certainly due to the full operation of the physical stores after the Covid measures, the absence of travel restrictions, increased tourism and, of course, inflation.

After all, the two sectors that had the largest participation in the total turnover of retail trade in 2022 are supermarkets (26.9%) and gas stations (13.9%), both dominated last year by large price increases.

If in the case of fuel stations the increase in turnover is related to much more travel compared to 2021, as there were no lockdowns or bans on travel from region to region, in the case of supermarkets the increase in turnover is almost exclusively inflationary, as sales volume showed a marginal decrease, as consumers cut back on spending even when it came to food purchases.

Related to that, but also to the general trend that exists mainly among young people, is the fact that the sector that recorded the largest percentage increase in turnover in 2022 compared to 2021 (41%), despite its small participation in overall retail trade, was that of the retail trade of secondhand goods (17.28 million euros).

So, according to Hellenic Statistical Authority data, the total turnover of retail trade came to €61.99 billion last year, compared to €55.23 billion in 2021, marking an increase of 12.2%. If, however, the food, fuel and vehicle sectors are excluded, then the turnover was €22.65 billion, compared to €20.58 billion in 2021, recording an increase of 10.05%. 

Supermarket turnover amounted to €16.7 billion, a 7% rise from 2021, while at fuel stations it increased 28.4% to €8.63 billion.

The new data, however, caused by the inflationary crisis and the new trends that developed after the pandemic, in turn are leading to new rearrangements in the country’s retail map, with tourism constantly, at the same time, playing its own decisive role. The arrival of luxury as well as discount chains, the intense activity in sports goods, as well as the further development of marketplaces are some of these changes. 

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