Retail trade turnover and real growth in April 2026
Serbia’s retail trade turnover increased in April 2026, rising 8.3% at current prices and 5.6% at constant prices compared with April 2025. The real growth rate indicates that the consumer economy is not supported only through price effects. Volumes remained firm alongside the nominal increase.
- Retail trade turnover and real growth in April 2026
- Salary figures for March 2026 and early-2026 wage growth
- Tourism performance in April 2026: arrivals and overnight stays
- CPI inflation pressures and pricing considerations for retailers
- Purchasing power differences and consumer response to inflation
- Domestic vs foreign tourism demand for hospitality operators
Salary figures for March 2026 and early-2026 wage growth
Wages provided another support signal for consumer activity. In March 2026, the average net salary reached RSD 121,650, while the average gross salary was RSD 167,263. For January–March 2026, average net salaries rose 11.7% nominally and 8.9% in real terms versus the same period of 2025.
The median net salary in March was RSD 92,753, indicating that half of employees earned up to that amount. The gap between the average and median levels points to uneven purchasing power across households. This distribution matters for consumer-facing sectors relying on different income segments.
Tourism performance in April 2026: arrivals and overnight stays
Tourism data added further detail to the consumer picture in April 2026. Tourist arrivals increased by 8.6% year over year, while overnight stays rose 3.8%. Domestic overnight stays grew by 8.2%, while foreign overnight stays fell slightly, down 0.2%.
The domestic component is relevant for tracking travel and leisure spending patterns among Serbian households. The figures cover spas, mountain destinations, restaurants, transport providers, accommodation operators, and local retail clusters near tourism hubs.
CPI inflation pressures and pricing considerations for retailers
Cost dynamics remained a key factor alongside demand indicators. Consumer prices rose 3.5% year over year in May, according to CPI data. Monthly increases were driven by categories including transport, housing and utilities, health, furnishings, clothing, restaurants and accommodation, and personal-care items.
This environment affects pricing decisions for retailers and hospitality operators. Raising prices too quickly can lead customers to switch to lower-priced options, while delaying adjustments can erode margins. Companies are therefore expected to manage product segmentation across value offerings for price-sensitive shoppers and premium options for higher-income consumers.
Purchasing power differences and consumer response to inflation
The wage statistics also highlight differences in purchasing power between average earnings and median outcomes. Demand is therefore not uniform across all consumer groups. Premium restaurants, branded retail, travel services, and discretionary spending may perform better in urban areas and higher-income segments.
Inflation expectations can influence shopping behavior even when headline rates are moderate. Consumers compare prices more carefully, respond to promotions, and shift spending between categories based on relative price changes. Retailers managing loyalty programs, private-label offerings, and basket size may be better positioned under these conditions.
Domestic vs foreign tourism demand for hospitality operators
For hospitality and tourism businesses, the domestic market appears particularly important based on April’s overnight-stay growth rates. Foreign tourism remains valuable but domestic overnight stays expanded faster than foreign stays in the reported period. Operators are therefore not expected to rely solely on international arrivals.
The source data point to potential demand levers tied to domestic travel patterns, including packages for Serbian travelers, regional weekend offers, loyalty programs, and off-season pricing approaches.
