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GfK: Retail businesses will grow in Romania five times more than European average in 2017

de Adrian N Ionescu 25.6.2017

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  • Dynamics of turnover in retail sector in 2017

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The turnover growth rate of the retail units in Romania will be of 10% this year, far above the average of 1.5% in the EU countries and five times more the EU27 average (excluding the UK), according to a report by the market research firm GfK, released on Tuesday.

“The champion countries of last year are in the forefront in 2017 as well. Especially Romania (almost 10%) and Hungary (around 6%) have dynamic growth rates,” says a GfK release.

GfK estimates an increase between 4 and 5.5% for Croatia, Bulgaria and the Baltic countries, and a little over 5% for Poland because of the appreciation of the Polish zloty, as well as the increase in incomes and prices. After a two-year decline, retailers in Greece can breathe a sigh of relief due to a 1% increase forecasted for 2017.

On the other hand, “even if it is growing, the purchasing power in Romania is among the lowest in Europe. The regions where the purchasing power is slightly above the rest of the country are Bucharest and the counties of Cluj, Timis, Arad, Alba, Sibiu, Brasov, Prahova, Arges.

“The decrease of unemployment and a slight increase of incomes had a favourable impact in many fields in Europe. In 2016, EU consumers had an average income of 16,153 euros per person for consumption, rent, savings and pension contributions, a nominal purchasing power higher by 0.7% over the previous year. It is important to note that the exchange rate fluctuations have a negative influence, especially by the devaluation of the British sterling. Central and Eastern European countries had the highest growth rates,” according to the mentioned survey.

In terms of share of retail spending in total spending, the increase of the purchasing power is only partially reflected, the survey also shows.

The downward trend in retail spending continued in Europe in 2016. Figures show that this share is 31% in 2016 compared to 31.4% in the previous year. Europeans invest an increasing share of their income in healthcare, gastronomy and maintenance.

The profitability of commercial spaces in Romania is below 2,500 euros/sq m and the commercial space per inhabitant is 0,7 sq m, still below the European average.

The GfK survey used market indicators for a total of 32 European countries on purchasing power, the share of retail spending in total expenditure, inflation, the profitability of commercial spaces.

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