European Purchasing Power Trends in 2024
According to the GfK Purchasing Power 2024 study, European citizens have a total of 12.9 trillion euros at their disposal to spend, reflecting the differences between countries and the uneven evolution of inflation. The average European purchasing capacity is 18,764 euros per inhabitant, a 3.9% increase from the previous year.
Spain’s Purchasing Power Grows
Spain’s purchasing power has grown to 18,013 euros per capita, a 1,564-euro increase from 2023. This growth has helped to close the gap with the average European purchasing capacity, with Spain now ranking 17th among the 42 countries analyzed.
Regional Purchasing Power in Spain
The provinces with the highest purchasing power in Spain are Gipuzkoa, Madrid, and Araba/Álava. The citizens of Gipuzkoa have an average of 23,029 euros per person to spend, followed by Madrid with 22,426 euros, and Araba/Álava with 22,372 euros.
European Countries with the Highest Purchasing Power
Liechtenstein, Switzerland, and Luxembourg top the list of European countries with the highest purchasing power. Liechtenstein’s residents have a purchasing capacity of 70,180 euros, followed by Switzerland with 52,566 euros, and Luxembourg with 41,785 euros.
Expert Insights
Markus Frank, an expert in the Geomarketing area of NIQ-GfK, notes that the 3.9% nominal growth in purchasing power in Europe is more moderate than in previous years. However, the trend of countries with lower purchasing power registering greater growth continues, causing the gap to close and incomes to slowly converge.