Household consumption, mainly for less “essential” products, has shrunk, according to the data on the course of retail turnover in 2024.
The growth rate stood at 2.4%, i.e. below the average inflation of the previous year and despite the revelation of “hidden” turnover due to the increase in electronic payments by 6.6 billion euros in just one year. However, if food and fuel revenues are excluded from the sample, then the growth rate falls even lower to 1.8%.
Average per capita consumption – including the millions of tourists – stood at 6,882 euros, up 2.6% compared to 2023, while for non-essential products it was limited to 2,497 euros, up 2%, i.e. slower than the general rate of price change.
A key “finding” of the annual retail trade data for last year was the increase in the degree of concentration by large enterprises. The turnover of small and medium-sized enterprises recorded a negative sign during the holidays.
Over 70 billion euros
The Hellenic Statistical Authority registered a new historical record in retail turnover, as for the first time in history all businesses in the sector broke the 70-billion-euro threshold. 2024 closed with total receipts of 71.57 billion euros, compared to 69.89 billion euros in 2023. To understand the impact of the inflationary crisis, it is sufficient to note that from 2020 to date the turnover of retail businesses has increased by 22 billion euros or 44%.
