Retail Pricing Heroes: 2022 was a year of massive inflation. How long should people expect this level of price increases?
Nikola Kostoski: With all of the uncertainties surrounding us (the war in Ukraine, energy prices, China and the U.S. slowing down, and uncertain levels of Covid), the best case scenario would be Q3/Q4 this year. However, this comes with a lot of ‘ifs’. Looking back at the last major financial crisis we had (the 2008 market crash), the most resilient economies took 18 months to recover after major governmental interventions. This time it may be more difficult, as not everything is in the hands of European governments.
RPH: In corporate board meetings, how much more often were prices and pricing a subject of discussion in 2022, as compared to 2021?
NK: Considering that pricing is a hot topic within any retail organization, as this is one of the most important drivers of customer satisfaction, I imagine that the discussions on pricing and promotions have gone into overdrive in 2022.
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