EU purchasing power rises 3.3% to 22,425 euros per resident

European Union residents' average purchasing power increased by 3.3% last year to 22,425 euros per person. Poland led Central and Eastern Europe with an 8.8% gain in purchasing power, while Bulgaria recorded the smallest increase at 7.3%.

Shoppers are directing more of their spending toward services and experiences, causing retail's portion of total consumption to decline. While purchasing power across Europe is increasing, the likelihood that retailers will gain from this growth is diminishing. Poland's purchasing power grew 8.8%, the highest in Central and Eastern Europe, while Bulgaria's rose 7.3%. Belgians and Dutch have purchasing power more than 27% above the EU average, placing them sixth and seventh in the European purchasing power rankings.

What we know

• EU average purchasing power rose by 3.3% last year to 22,425 euros per resident.

• Poland led Central and Eastern Europe with 8.8% growth in purchasing power.

• Bulgaria's purchasing power grew by 7.3%.

• Belgians and Dutch have purchasing power more than 27% above the EU average.

• Belgians and Dutch are ranked sixth and seventh in the European purchasing power rankings.