BUSINESS

More consumers are buying Greek

DIMITRA MANIFAVA

TAGS: Economy

Economic patriotism, a phenomenon which grew rapidly during the crisis years, remains strong in Greece. In fact it is not restricted to purchase intentions, as data show Greek suppliers of nutritional products and generally basic supermarket commodities claiming a high market share.

This trend is also making its presence felt across Europe, although a significant portion of consumers remain reluctant to pay more for domestic produce, according to a survey carried out in seven countries by market research firm IRI.

IRI figures showed that Greek suppliers accounted for 42.3 percent of the top 50 suppliers’ turnover in the Greek market, up by 0.3 percentage points this year from 2017. This is the second highest rate among the seven countries surveyed, behind Italy’s 57.9 percent.

The swing toward locally made products is evident in two main strategies in corporate decisions for the future: On the one hand multinational companies are increasingly targeting the acquisition of local brands, even startups, to establish a national identity, and, on the other, local enterprises – particularly smaller ones whose market penetration is lower – are seeking more space on the shelves of major supermarkets.

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