ECONOMY

Greeks still keen on a bargain

greeks-still-keen-on-a-bargain

Retail commerce and consumers appear to have developed an addiction for promotional offers, as despite repeated promises by supermarket chains to scrap the practice, promotional activities do not only show no sign of abating but are also taking an ever-growing share of total turnover.

Solutions such as personalized offers do not appear to be bearing any fruit yet, as consumers have been educated to cast a wide net for offers everywhere, across all product categories during the crisis, while they continue to have a limited income.

According market researchers IRI, almost 24 percent of turnover in supermarkets for so-called fast-moving products (food, toiletries etc.) in January 2020 came from offers. This is 3.2 percentage points more than in January 2019. Food, in particular, has seen offers take an additional 3.8 percentage points of its turnover for a share of 21.6 percent in January 2020.

Turnover in personal care and beauty products (shampoo, toothpaste etc.) saw offers grab an even higher share in January, at 37 percent, up from 34.9 percent in January 2019. Throughout last year this reached 36.6 percent, against 35.4 percent in 2018.