Greek retail sector shows resilience despite inflation and crises

The Greek retail sector has demonstrated significant resilience despite seven years of consecutive crises, including the COVID-19 pandemic and geopolitical tensions. According to research by Eurobank, sales volumes in the sector are currently 11.0% higher than pre-pandemic levels.

The sector's trajectory has been shaped by several major shocks. During the initial pandemic lockdowns in early 2020, retail volumes saw sharp declines, particularly in clothing and footwear, cosmetics, furniture, and electrical goods. This was followed by a period of pent-up demand as economies reopened.

Persistent inflation, driven by the war in Ukraine and energy crises in the Middle East, has altered consumer behavior. While rising prices have impacted consumption patterns, the sector remains closely linked to tourism and disposable income levels. The current economic environment continues to be influenced by geopolitical tensions and supply-side shocks.