Μake us preferred on Google Since the pandemic, Greek retail has moved from the release of pent-up demand to stronger sales volumes, while high prices across many product categories have become an enduring feature of the market. The war in Ukraine and the recent energy crisis in the Middle East have also contributed to rising prices.
Yet despite the successive crises of the past seven years, Greece’s retail sector has shown resilience comparable to that of the country’s real GDP. Retail sales volume now stands 11.0% above pre-pandemic levels, according to a recent Eurobank study published in its special 7 Days Economy report.
The Impact of Covid on Retail
Retail sales volumes suffered significant losses during the pandemic, with the overall retail volume index falling 26.4% between February and April 2020. The decline during the second lockdown was milder, with the same index dropping 13.0%.
Clothing and footwear took the biggest hit, with sales volume falling 72.3% between February and April 2020. Cosmetics, furniture, electrical goods and household equipment also saw sales volumes decline by more than 50% over the same period.
Large grocery stores, however, proved resilient. Their sales volume jumped 16.5% in March 2020 compared with February and remained close to pre-pandemic levels overall during the first lockdown, according to the study.
The Recovery in Demand…
The lifting of pandemic restrictions brought a significant recovery in consumption. By May 2021, the overall retail volume index was 8.7% higher than in February 2020. Clothing and footwear sales volumes, for example, stood 25.9% above their February 2020 level.
At the same time, the recovery in demand — also supported by fiscal and monetary policy — combined with the pandemic’s prolonged impact on global supply chains and international trade, contributed to accelerating inflation toward the end of 2021.
…And Rising Inflation
Inflationary pressures intensified with the war in Ukraine and the energy crisis that followed. Sales at current prices rose by an average of 12.4% in 2022, while sales volume increased by just 3.4%.
The largest price increases were recorded in automotive fuels and lubricants, at 24.5%; large grocery stores, at 10.6%; and food, beverages and tobacco, at 9.7%. Sales volumes at large grocery stores and in the food, beverages and tobacco category fell by 2.6% and 1.8%, respectively.
The gap between nominal and real sales growth persisted in 2023. Overall retail sales volume declined by 3.3%, while turnover increased by 3.8%, reflecting a further 7.4% increase in the deflator.
Overall retail sales volume fell 3.3%, while turnover increased by 3.8%, reflecting a further 7.4% increase in the deflator.
The trend was particularly evident in food. At large grocery stores, sales volume fell 3.1%, while turnover increased 8.1%. In the food, beverages and tobacco category, volume rose by just 1.9%, compared with a 12.0% increase in turnover, the Eurobank study notes.
Meanwhile, after the strong post-pandemic rebound, growth in sales volumes slowed in clothing and footwear and in furniture, electrical goods and household equipment, while pharmaceuticals and cosmetics recorded a decline.
Overall, during 2022 and 2023, the increase in the value of retail sales increasingly reflected higher prices rather than greater quantities of goods purchased.
Sales Volumes Make a Comeback
Real retail sales recovered in 2025, rising 2.1%, a trend that continued in the first five months of 2026, when they increased 3.5%. With the exception of automotive fuels and lubricants and clothing and footwear, all other categories recorded growth in sales volumes.
Although the current crisis in the Persian Gulf, rising energy prices and heightened uncertainty pose downside risks to domestic economic activity, both retail sales volumes and the confidence index continue to show resilience.
The study notes that this trend is also linked, to some extent, to the positive performance of tourism during the current period.
Uneven Growth in Consumption
From January through May 2026, the average overall retail sales volume index was 11.0% higher than during the corresponding pre-pandemic period in 2019, a performance relatively close to the cumulative increase in real gross domestic product over the same period.
However, growth in retail sales volumes was far from uniform. Particularly strong increases were recorded in pharmaceuticals and cosmetics, up 83.4%; furniture, electrical goods and household equipment, up 39.5%; and books, stationery and other goods, up 38.4%.
By contrast, clothing and footwear sales volumes, up just 0.5%, remained essentially at pre-pandemic levels. Sales volumes were lower at department stores, down 2.7%, and particularly in automotive fuels and lubricants, which fell 13.0%.
The Shift Toward Supermarkets
Compared with the first five months of 2019, sales volumes at large grocery stores increased by 13.3%, compared with just 1.6% in the food, beverages and tobacco category.
Given that cumulative price increases were similar across the two categories, the divergence provides evidence that some consumer spending has shifted toward large grocery stores and away from specialized food retailers, the study adds.
Where Demand Has Shifted
The pandemic boosted demand for certain products associated with health, personal care and life at home, and some of these changes appear to have become more permanent.
At the same time, strong real growth in pharmaceuticals and cosmetics, as well as furniture, electrical goods and household equipment, was accompanied by relatively limited cumulative price increases of 8.2% and 4.0%, respectively.
By contrast, sales volume growth was considerably weaker in categories that experienced particularly steep price increases. In food, beverages and tobacco, for example, the value of sales increased 35.6% compared with 2019, while volume rose just 1.6%, with the deflator posting a cumulative increase of 33.5%.
A similar picture emerged in clothing and footwear, where turnover increased 25.1% and prices rose 24.4%, while sales volume remained virtually unchanged, rising just 0.5%.
Automotive fuels and lubricants stand out as a particular case. Despite a 5.8% increase in sales value compared with 2019, sales volume fell 13.0%, while prices increased by a cumulative 21.7%.
Greek Retail Withstands Crises — and So Do Higher Prices
Despite a succession of crises over the past seven years, Greek retail has remained resilient, with sales volume now 11% above pre-pandemic levels.
However, the much stronger 40.6% increase in the value of sales highlights the significant cumulative impact of higher prices.
At the same time, substantial differences between individual retail categories point to changes not only in the overall level of consumption, but also in what consumers are buying.
Whether the recent recovery in real sales can be sustained will depend, among other factors, on the disposable income of Greek households, demand from abroad and price developments, particularly amid heightened geopolitical uncertainty and renewed pressure on international energy prices, the Eurobank study concludes.
