Eastern Europe

The war in Ukraine had a negative impact, with the resultant energy crisis leading to high inflation and dampening volume sales somewhat. As a result, while overall retail registered a healthy increase in current value sales in 2022, constant value…

Inflation has had an impact on consumer behaviour, leading them to become more cautious about their spending, with essential goods taking priority during 2022. Moreover, discounters serve as a major driver of retail offline, thanks to their best…

The War in Ukraine had a strong impact on Latvia in 2022, creating conditions for high inflation and economic and political uncertainty. This, in turn, affected consumer priorities and spending patterns in retail arenas. Meanwhile, retail in Latvia…

Retail in Hungary continued to be influenced by inflationary factors in 2023, with the double-digit hikes continuing (and even increasing from) the previous year. Moreso, Hungary is reported to be experiencing one of the highest sets of hikes across…

The war in Ukraine exacted a heavy toll on Georgia’s economy with retail prices spiking in 2022. Close trade links with Russia and Georgia’s status as an emerging economy have also exerted pressure on the country’s currency, with depreciation also…

Retail in Estonia saw total current value sales grow at a double-digit rate for a second consecutive year in 2022. However, growth was only marginally faster than in 2021 despite steep increases in unit prices for all kinds of goods amidst a surge in…

Croatians were impacted by rising inflation in 2022 and faced a cost of living crisis similar to many shoppers across Europe. As the economy started to emerge from the COVID-19 pandemic, the war in Ukraine and rising costs of energy and raw materials…

High inflation continued to impact retail in Bulgaria in 2023, though growth in retail prices did ease. As such, though current value sales increased, there was a fall in constant value sales, as continuing rising costs hit profit margins, and also…

Performance was muted for retailers in Bosnia and Herzegovina in 2022. Though there was double-digit growth in current value sales, there was only a minimal increase in constant value sales, as inflation dampened volume sales significantly.…

In keeping with the performance of the wider retail market, after the shock of the Russian invasion caused a sharp contraction in 2022, e-commerce in Ukraine saw current value sales rebound at a healthy pace in 2023. Indeed, it was among the channels…