Spain Retail Market Forecast and Research Report

Spain Retail Market Overview:

The Spain retail market is projected to exhibit a growth rate (CAGR) of 4.10% during 2024-2032. The increasing disposable income, expansion of e-commerce, the rising focus on sustainability and customized shopping experience, significant technological advancements, the growing tourism industry, and rising consumer spending are some of the major factors driving the market growth.

Spain Retail Market Trends:

Growing Tourism Sector

The strong tourism sector of Spain is attracting international shoppers which is significantly contributing to the retail market expansion in Spain. According to the data from the Spanish presidency of the Council of the European Union, Spain is a world leader in tourism, and the sector is one of the pillars of its economy, contributing 11.7% of GDP and employing 12.2% of the total number of national insurance contractors in Spain. 2023 provided a major boost to the sector. As compared to last year, 71.6 million foreign travelers arrived in Spain, representing an annual growth of 129.5%, although still some distance from 83.7 million in 2019. Spain reached 10.1 million air passengers from international airports in August, 11.5% more than in the same month of 2022, and the number of workers employed in the tourism sector reached 2.86 million in the second quarter of 2023, 6.3% more than in 2019.

Expansion of E-Commerce Industry

The rapid growth of online shopping and technological advancements provide consumers with convenient and diverse shopping options which is further contributing to the growth of the market. According to the data from the International Trade Administration, in 2021, e-commerce users reached 30 million in Spain. Internet penetration is estimated at 83% and e-commerce penetration at 63%. The number of e-commerce users is expected to grow by 25% to 37 million by 2025. Moreover, according to the industry report, revenue is expected to show a compound annual growth rate of 9.9%, resulting in a projected market volume of US$48, 955.1 million by 2028. With an expected increase of 13.0% in 2024, the Spanish e-commerce market contributed to the world growth rate of 10.4% in 2024. Like in Spain, global e-commerce sales are expected to increase over the next years.

Changing Consumer Preferences

The market is also driven by the rising shift towards sustainable and personalized shopping experiences which encourage retailers to innovate and diversify their offerings. According to industry reports, in 2023, the number of buyers concerned about sustainability increased to represent 22% of shoppers, compared to 18% in 2022 and 22% in 2021. These consumers spend almost EUR 500 billion each year in the FMCG market, that figure is expected to reach EUR 1 billion in 2027. Currently, sustainably marketed products cost 70% more than the category average price. Brands can employ several tactics to ensure these consumers return including the use of non-plastic packaging, natural and locally sourced ingredients, more refill and recycling options, and fair trade practices.

Spain Retail Market News:

• In October 2023, Inditex, the Spanish owner of the leading Zara brand formed a strategic partnership with Ambercycle, a Los Angeles-based material science company, to help scale textile-to-textile polyester.
• In September 2023, Spanish retailer Mercadona invested more than Euro 124 million in expanding and improving its store network in Barcelona cit, which was commenced in the year 2017. The move is part of the retailer's aim to implement its new store design, which optimizes the purchasing process and cuts energy consumption by up to 40% as compared to a traditional store.
   

Spain Retail Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product and distribution channel.

Product Insights:

• Food and Beverages
• Personal and Household Care
• Apparel, Footwear and Accessories
• Furniture, Toys and Hobby
• Electronic and Household Appliances
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product. This includes food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobby, electronic and household appliances, and others.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.

Regional Insights:

• Northern Spain
• Eastern Spain
• Southern Spain
• Central Spain
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Spain, Eastern Spain, Southern Spain, and Central Spain.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Spain Retail Market Report Coverage:

Key Questions Answered in This Report:

• How has the Spain retail market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Spain retail market?
• What is the breakup of the Spain retail market on the basis of product?
• What is the breakup of the Spain retail market on the basis of distribution channel?
• What are the various stages in the value chain of the Spain retail market? 
• What are the key driving factors and challenges in the Spain retail?
• What is the structure of the Spain retail market and who are the key players?
• What is the degree of competition in the Spain retail market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Spain retail market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Spain retail market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Spain retail industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.