RETAIL

Greeks turn to private-label, domestic brands in response to inflation, survey shows
ECONOMY

Greek consumers are increasingly turning to private label products as they strive to lower their supermarket bills in the face of persistently high prices, according to an annual phone survey conducted in January 2024 by the Marketing Lab of the Athens University of Economics and Business (AUEB), using a random sample of 1880 households.


Greece to introduce Lenten Basket as of March 13
ECONOMY

The Lenten Basket – with lower prices of goods consumed during the period of Lent – will be available from Wednesday,  March 13 until May 4, according to the ministerial decision signed on Tuesday by Development Minister Kostas Skrekas.

Price cuts have taken effect
RETAIL

Since Friday, infant formula has been between 5% and 16% cheaper than it was up until Thursday, while a series of other commodities also saw their retail prices drop as a result of the ceiling imposed on gross profit margins by the Development Ministry.


Skrekas declares reduced goods prices as ‘permanent’
ECONOMY

Speaking on the government’s decision to reduce inflated prices on certain supermarket goods on Friday, Development Minister Kostas Skrekas said that the measure will be permanent and that it tackles a decades-long malaise.

Retail turnover rose by 5.1% last year
ECONOMY

Retail sales volume increased by just 0.7% in December 2023, the month with the highest consumer demand due to the Christmas and New Year holidays, compared to December 2022.


Retailers are focusing on hypermarkets
RETAIL

Large supermarket companies are now fighting the battle for greater market shares in hypermarkets, as contrary to forecasts that this category would suffer due to inflationary pressures, it is growing at a much higher rate than the overall growth in the sector.

More measures as prices rise
INFLATION

The measure banning special offers on retail products whose prices have been hiked is being extended to more products.



Grocery spending rises €1 bln
RETAIL

Consumers in Greece spent a billion euros more at supermarkets last year compared to 2022, not so much to buy a lot more things, but because of inflation.

Card payments boost budget revenues
ECONOMY

The value of transactions with plastic money reached 62 billion euros in 2023, recording an increase of 15% compared to 2022, a rate that is expected to be maintained this year with a marginal slowdown, according to estimates by Mastercard, assessing the positive macroeconomic environment and, in particular, the universal mandatory introduction of point of sale devices (POS) in 35 new professional sectors imposed by the government, which will contribute to the 14% growth of the card market in 2024.

Habits of Greek consumers changing, GLAMI says
ECONOMY

A significant change was observed in the consumer behavior of Greek e-shoppers during 2023 compared to 2022, within the framework of the annual “Fashion (Re)search” review by the European fashion search platform GLAMI.