Consumers in Luxembourg boast the highest retail purchasing power in Europe, at €12,518 per capita, almost 86% above the European average, according to NIQ.
NIQ‘s Retail Purchasing Power Europe 2026 study found that consumers across 25 European countries together boast a combined €3.5 trillion in retail purchasing power, equivalent to an average of €6,714 per person per annum.
Switzerland ranks second in terms of retail purchasing power, at €12,080 per person, while Denmark ranks third with €9,452. Norway and Sweden complete the top five.
Among Europe’s largest consumer markets, Germany ranked 15th in terms of retail purchasing power with €6,226 per person, followed by Spain (€6,181) and Italy (€6,157).
Propping up the table is Serbia, which recorded the lowest level of retail purchasing power at €3,849 per person, followed by Romania (€3,880) and Bulgaria (€4,448).
Overall, 12 of the 25 countries surveyed recorded retail purchasing power above the European average, while 13 fell below it.
Northern and Western Europe
“Northern and Western European countries dominate the upper part of the ranking,” commented Filip Vojtech, retail expert in NIQ’s geomarketing department. “However, several of Europe’s largest retail markets fall slightly below the continental average in per capita terms.
“Germany, Spain and Italy all sit under the European benchmark, despite their substantial total market volumes. This shows that market size and per capita purchasing power often diverge. At the same time, regional spending patterns and concentration levels differ markedly across countries.”
Regional differences
The study also found significant differences between regions within individual countries. In France, Paris recorded retail purchasing power of €12,944 per capita, more than double the €6,314 recorded in the neighbouring department of Seine-Saint-Denis.
A similar pattern was observed in the UK, where central London areas such as the City of London recorded retail purchasing power of up to €15,785 per person, compared with around €5,846 in Birmingham.
Retail purchasing power measures the proportion of consumers’ disposable income that is available to spend on retail goods after accounting for taxes, charitable contributions and state benefits. The figures are based on nominal disposable income and are not adjusted for inflation. Read more here.
Retail Purchasing Power in Europe 2025
| Rank | Country | Population | Per Capita Retail Purchasing Power (€) | European Retail Purchasing Power Index* |
|---|---|---|---|---|
| 1 | Luxembourg | 681,973 | 12,518 | 186.4 |
| 2 | Switzerland | 8,962,258 | 12,080 | 179.9 |
| 3 | Denmark | 5,992,734 | 9,452 | 140.8 |
| 4 | Norway | 5,594,340 | 9,085 | 135.3 |
| 5 | Sweden | 10,587,710 | 9,004 | 134.1 |
| 6 | Austria | 9,158,750 | 8,712 | 129.8 |
| 7 | Finland | 5,635,971 | 8,555 | 127.4 |
| 8 | France | 66,351,959 | 8,386 | 124.9 |
| 9 | Belgium | 11,825,551 | 7,897 | 117.6 |
| 10 | Netherlands | 18,044,027 | 7,769 | 115.7 |
| 11 | Ireland | 5,351,681 | 7,449 | 111.0 |
| 12 | United Kingdom | 69,281,437 | 7,086 | 105.5 |
| Europe-25 | 521,864,300 | 6,714 | 100.0 | |
| 13 | Portugal | 10,749,635 | 6,528 | 97.2 |
| 14 | Croatia | 3,861,967 | 6,242 | 93.0 |
| 15 | Germany | 84,669,326 | 6,226 | 92.7 |
| 16 | Spain | 48,619,695 | 6,181 | 92.1 |
| 17 | Italy | 58,934,177 | 6,157 | 91.7 |
| 18 | Slovenia | 2,130,850 | 6,013 | 89.6 |
| 19 | Poland | 37,489,087 | 4,939 | 73.6 |
| 20 | Czech Republic | 10,909,500 | 4,868 | 72.5 |
| 21 | Hungary | 9,539,502 | 4,834 | 72.0 |
| 22 | Slovakia | 5,419,451 | 4,720 | 70.3 |
| 23 | Bulgaria | 6,437,360 | 4,448 | 66.2 |
| 24 | Romania | 19,067,576 | 3,880 | 57.8 |
| 25 | Serbia | 6,567,783 | 3,849 | 57.3 |
Source: © NIQ Retail Purchasing Power Europe 2025
* European Retail Purchasing Power Index: European average = 100.
