x

Society

Greek Food Shoppers Turning to Private Brands, Uncertainty Roils Market

ATHENS – Concerned about soaring prices, Greek households are increasingly turning to private brands and generic goods in supermarkets as the industry grapples with uncertainty over whether conflicts in Ukraine and the Gaza Strip will impact consumer behavior.

This trend extends to “fast-moving” consumer goods, which comprise the majority of food baskets, according to the business newspaper Naftemporiki. Volatility is cited as the primary reason durable prices remain high despite decreasing inflation.

Alexandros Daniilidis, President of the industry, remarked during the 29th General Assembly of ECR Hellas that, “In the retail sector, we are confronted with a global environment where predicting the next major challenge is exceedingly difficult.”

Senior executives in the retail sector described the market as challenging, with suppliers and retailers acting as “challenge managers” to meet consumer demands while ensuring growth.

While improvements in key cost indicators, such as energy, are viewed positively, cautious market reactions, particularly regarding pricing, persist.

The New Democracy government is cracking down on companies engaging in profiteering, with inspectors monitoring supermarket prices as the cost of food remains a top concern, according to surveys.

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, buyers are increasingly opting for cheaper brands and favoring Greek domestic brands over multinational conglomerates, thereby supporting local companies, food producers, and farmers affected by the deadly floods and fires of 2023.

Respondents largely attributed high prices to big companies, with 68% faulting them, while 24.2% blamed supermarkets, only 6.9% pointed to domestic manufacturers, and 0.9% said small shops were the reason.

Opinions were divided on the government’s initiative to encourage supermarkets to offer “Household Baskets” containing 51 staple items at controlled prices, with 53.5% considering it useful.

Professor Giorgos Baltas of the Athens-Macedonia News Agency stated that private label products now constitute approximately 36% of the household basket, up from 33% in 2023. He emphasized that this is the highest percentage recorded in the 19 years of conducting the survey, indicating a significant shift towards private label products in consumer preferences.

RELATED

ATHENS - The politically volatile European Parliament elections, a time during which no candidate wants to make waves, has led to Greece temporarily setting aside development of wind farm projects that had been viewed as essential to developing sustainable sources.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

If an uninformed person had attended the Mitsotakis-Erdogan press conference a few days ago in Ankara, s/he could have come to the conclusion that the meeting was planned in order to discuss whether Hamas is a terrorist or a patriotic organization.

As part of a club documentary offering an inside view of his final days at Liverpool, Jurgen Klopp was asked by the filmmakers to stand alone on The Kop one afternoon and gaze out around Anfield.

ABU DHABI, United Arab Emirates (AP) — In 2018, Chad McGehee opened Side Hustle Brews and Spirits, an Abu Dhabi-branded brewery and distillery with funky camels on its cans and playful names familiar to anyone living in the United Arab Emirates.

THE HAGUE, Netherlands (AP) — Israel strongly denied charges of genocide on Friday, telling the United Nations’ top court it was doing everything it could to protect the civilian population during its military operation in Gaza.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.