Industry revenue of »retail sale of clothing in specialised stores« in Greece 2011-2023

Greece has probably had to face the worst effects of the global economic meltdown in all of Europe. It was only a decade later in 2018, that the country emerged from the crisis after a 98 billion U.S. dollars bailout, approved in 2015, when the unemployment rate was as low as 24.9%. The total bailout program was the biggest in global financial history, with the European Union, European Central Bank and International Monetary Fund providing Athens with 330 billion U.S. dollars across three major installments in 2010, 2012 and 2015.

Even though clothing still accounts for the highest number of retail chains in the country, this complex economic situation has affected the country’s fashion sector in no small measure with revenues falling from 5.8 billion U.S. dollars in 2010 to 3.6 billion U.S. dollars in 2018. The segment’s retail sector is expected to fare even worse in the future with the market falling from 3.5 billion U.S. dollars in 2014 to just 1.5 billion U.S. dollars in 2023. However, luxury apparel is expected to increase at a steady pace growing at a CAGR of 4.2% over the period 2017-2023, owing mainly to the heavy influx of foreign clientele, who account for as much as 60% of all luxury sales in the country.

Industry revenue of »retail sale of clothing in specialised stores« in Greece from 2011 to 2023

Revenue in million U.S. Dollars
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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Greece. The industry “retail sale of clothing in specialised stores“ has the code “G4771“.

Details on the methodology can be found here.

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