The jump in inflation compared to last year has brought significant changes in the behavior of Greek consumers.
The new conditions changed the prioritization of households’ baskets and highlighted new factors contributing to their choices. If in the past the product quality and safety were the main selection criteria, today price determes everything. This shift is shown by surveys that have been carried out and highlight the great changes that have taken place within just one semester.
It is indicative that 84% of Greek consumers, according to a study by the Consumer Goods Retail Research Institute (IELKA) at the end of last September, declare that they hunt mpre for bargains and discounts (compared to 79% in the corresponding measurement in April 2022), as they can have average savings at supermarkets which consistently exceed 13%.
Market players point out that bargain hunting is common among consumers, while the mix of products in the basket shows an increase in private label items. At the same time, 67% of consumers have cut back on food and grocery shopping overall, while nearly eight in ten households are turning to cheaper options to fill their baskets. The same applies to saving on electricity consumption, with six out of ten consumers saying they have already reduced their electricity consumption recently as a way to cut costs.
However, the changes in consumer behavior also include the shift of some consumers to electronic markets and supermarkets. Although down from 12% in 2021 as some consumers returned to brick-and-mortar stores, online shopping today stands at 36% for all purchases and 9% for supermarket items, when in 2021 were at 30% and 7% respectively, while in the last 6 months it seems that a new development of this channel is starting, with the percentages showing an increase.
