Supermarket sales expand despite growth in cost of food
Greeks remain inflexible on food spending since, despite the reduction in disposable income due to constant price hikes, the expected reduction in sales volume, which would probably also work in the direction of deflation, has not happened.
The smaller-than-anticipated decline in sales volume is partly related to a shift of some consumers to more budget-friendly options, such as private-label products.
Therefore, while food prices, according to NielsenIQ data, increased in 2023 by 9%, the volume of their sales at supermarkets remained stable, while the total volume of sales at supermarkets – that is, not only food – even recorded a marginal increase of 0.4%.
