February 3, 2023

Athens News

News in English from Greece

Greek households are stocking up on food due to the war in Ukraine

According to market research, Greek households are stockpiling food due to the war in Ukraine. Turnover in value terms of food retail for the first week of March increased by 5.1%.

According to the data NielsenIQ, in the first week of March, many food categories, such as pasta, showed a very large increase in sales in value terms compared to the corresponding sales last year: +43.6%. At the same time, flour, legumes (+ 20.6%), as well as canned meat (+ 64.8%) were actively bought.

According to available data, the jump in sales in these categories is more related to the fear of buyers in connection with the war in Ukraine, as well as their concern about rising prices for certain categories of food. At the same time, in some basic categories of everyday use, prices have risen significantly.

During this period, sales of sunflower and corn oils increased by 37.4%, and olive oil by 33.9%. This increase is due to a significant increase in the average selling price, and not to an increase in volume and demand.

According to NielsenIQ, all major product categories showed positive growth in the first week of March. Fresh and bulk produce posted the most modest positive gains of +1.1%, which is most likely due to the return of consumers to outdoor farmers’ markets (likes) as Covid lockdowns were lifted this year.

Accordingly, the largest positive dynamics of 41.7% is represented by the main category of manufactured goods: clothing, electrical goods, books, tools, garden goods, auto products, household appliances, etc., since over the past 2 years, due to covid restrictions on the operation of stores, consumers could not purchase them.

In terms of consumer goods (FMCG), they showed almost the same trend as the market as a whole, + 5%, with the largest increase recorded for personal care products (+ 9.1%). It is followed by food and beverages with +4.6% and home goods categories with +4.5%, reports cnngreece.

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