Retail trade turnover in Montenegro increased by 9.2% in current prices in the third quarter of 2026 compared with the same period a year earlier. After adjusting for price changes, the increase was 4.7%, according to MONSTAT.
Compared with the second quarter, retail turnover expanded by 22.2% in current prices and 19.4% in constant prices, reflecting higher seasonal activity during the summer period and spending by residents and visitors. Among individual retail categories, sales of pharmaceutical and cosmetic products increased by 12% year on year, while food retail turnover rose by 7.2%. Sales of other non-food goods grew by 8.1%.
Retail trade in motor fuels recorded a 31.6% annual increase in turnover, the largest rise among the reported categories. This change needs to be considered alongside price movements and seasonal traffic.
The difference between nominal and constant-price growth shows that the increase in the value of retail sales was greater than the rise in sales volumes. The figures cover retail trade rather than total household consumption and do not provide information on retailers’ profitability.
Higher turnover does not necessarily translate into higher margins, as retailers also face costs related to purchasing goods, rent, wages, financing and inventory management. Businesses selling imported consumer products may face additional pressure when international prices and transport costs change and cannot be fully passed on to customers.
Household purchasing power remains relevant to retail demand. Montenegro’s annual inflation rate stood at 5.2% in September 2026, while average net wages increased by 2.7% year on year.
The performance of retail chains outside the peak tourism period will provide a further indication of whether the increase in real sales volumes is sustained. Seasonal visitor spending and domestic consumption may follow different patterns, making store locations, product selection and operating efficiency important factors for retailers and investors.
