Clothing retail sales grow 23.2% in 2022

Clothing retail sales in Portugal increased 23.2% to €3,850 million in 2022 according to data published on Tuesday by Informa D&B.

According to the consultancy, the Portuguese market posted growth above that of Spain whose clothing retail figures rose 14.3% to €17,150 million.
Despite the growth in both countries, both registered retail sales that were below pre-pandemic levels.
However, according to Informa D&B, the prospects are not bright in the short term. “The reduction in family purchasing power within a context of high inflation and an increase in interest rates, foresees a slowdown in the rate of growth in the value of the clothing retail market in Spain and Portugal in the short term.”
More specifically, the consultant expects a 5.6% growth to €22.1Bn for 2023 and a growth of 4% for 2024.
Informa D&B has also predicts a constant downward trend for clothing and home textile furnishings stores from the 54,200 trading in 2022.
There was a growing concentration last year of stores with the 10 main operators holding 75% of the total value of the Iberian market. (79.9% in Spain and 62.6%)