Greek supermarket turnover reached 6.83 billion euros in the first seven months of the year, compared with 6.64 billion euros in the same period in 2023.
The price growth trend has affected private label products, showing more than double the growth rate of branded products.
This fact can be explained both by numerous offers from Greek companies and importers, and by the increase in sales volumes in all three main categories: food, household goods, personal care products, the Economic Post reports. This increase is also due to selective price reduction.
According to Circana, the share of private label products increased to 26.8% in the first seven months of 2024 compared to 26.2% in 2023. In the previous year, when inflation “raised its head”, Private label sales doubledHowever, although growth rates have dropped to single digits this year, they are still outpaced branded productswhich account for 73.2% of the total turnover of supermarkets.
Importantly, food was the only category where unit prices rose, up 0.8% year-on-year, helping to boost lower-priced private label products. In contrast, personal care prices fell 3.3% and home care prices fell 1.9%.
The fast moving consumer goods (FMCG) market remains rife with promotions. According to Circana, 26.3% of seven-month sales were from products on sale (under promotion).
This growth is observed across all major categories: 25.9% for food products, 30.3% for personal care products, 27.7% for household goods.
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