ECONOMY

Greeks turn to private label commodities

The market share of private label products at Greek supermarkets has doubled within five years, according to a Europe-wide survey by SymphonyIRI, which measured their quota at 16 percent in 2012.

Although this is among the lowest levels seen in Europe, the protracted recession and the increase in the retailers’ investment in developing their own brands have contributed to the belief that this sector has considerable scope for growth in the local market.

The biggest market share increase in Greece was recorded in pet food (up by 4.3 percentage points), frozen foods (3.9 points), non-alcoholic beverages (3.2 points) and processed food (2.5 points).

Another survey conducted by the Research Institute of Retail Consumer Goods (IELKA) found that last year 63 percent of Greeks bought more private label products than in previous years in their efforts to save money. Even the consumers who are not in a dire financial situation are now paying more attention to value for money. Two in every three consumers have ditched their preferred brands, instead seeking quality products of any brand that would save them money, which leads them to private label products.