Greece has the second most expensive “basket” of basic household purchases among five European countries.
RETAIL
Greece’s center-right government announced price controls on baby formula Wednesday, accusing multinational suppliers of imposing unjustifiably high prices on the country’s consumers.
In a substantial leap from 2022, the Cyprus Consumer Association reported a noteworthy spike in four complaint categories in 2023.
Winter sales kicked off this Monday, running through the end of February. Additionally, stores will extend their opening hours on Sundays, specifically on January 14 and January 21, 2024.
Supermarket chains across Greece are planning new investments this year, as part of efforts to maintain or increase their market shares in conditions that are far from ideal for consumers.
The prices of baby formula in Greece are significantly higher compared to other European countries, based on a price comparison survey carried out by the country’s Hellenic Competition Commission in November.
Athens retail stores will remain closed on Tuesday, reopening again on Wednesday. Some exceptions have been announced, with supermarket chains AB Vassilopoulos and Lidl announcing they will remain open from 8 a.m. to 9 p.m. on Tuesday.
“It appears that the forecast for the turnover of the retail market in December – that it will exceed last year’s 3.83 billion euros and peak at above €4 billion – is going to prove accurate, while the consumers’ preferences regarding gifts remained the same, with clothing and footwear in first place, followed by gift items, toys and cosmetics,” the president of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis, stated to Athens-Macedonian News Agency on Wednesday.
Holiday opening hours for retail stores ahead of the New Year are as follows: Shops will be open on Friday from 9 a.m. until 9 p.m., on Saturday from 9 a.m. till 6 p.m. (with shopping centers and supermarkets staying open until 8 p.m.).
Christmas shopping in Cyprus saw contrasting results, with supermarkets experiencing a better turnout compared to the previous year, while clothing and footwear shops faced a decline, except for children’s gifts.
“Santa’s Basket,” aimed at offering consumers affordable toys ahead of the holidays – the equivalent of the Household Basket for basic goods – was launched Friday and concerns toy purchases for the period of Christmas and New Year.
Prime Minister Kyriakos Mitsotakis on Monday chaired a meeting at the Interagency Market Control Unit headquarters, where he was briefed on ongoing inspections and other measures designed to clamp down on unfair practices in the market.
Many Greek consumers who are looking for ways to reduce their expenses in order to cope with daily basic needs are now moving toward cheaper brands, offers, as well as cutting some purchases.
Five years after its arrival in Athens, the Masoutis supermarket chain has been operating its first “Grand Store” in the capital since last week.
Supermarket turnover grew 9.5% in the January-October period, totaling 7.446 billion euros from €6.821 billion in the corresponding period in 2022, Circana (formerly IRI) said in a report.
The buyout of 100% of the shares of Dixons South-East Europe SA by Public Power Corporation is now at the Hellenic Competition Commission for review, the latter announced on Wednesday.
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