Greece

In 2023, retail volume sales of processed meat, seafood and alternatives to meat remained in decline due to inflationary pressures. Since 2022, increases in the cost of raw materials, shipping costs, labour wages and energy have led to substantial…

The fast pace of modern life in Greece is forcing consumers to look for quick and easy meal solutions. As a result, the demand for frozen fries is on the increase, driving sales of frozen processed potatoes. Frozen fries are a quick cooking option…

The impact of hikes in production and transport costs is leading to price increases across menswear in Greece, which was visible in mid-2022 and continues to influence category performance in 2023. Amid the cost of living crisis, which is taking its…

The lifting of pandemic restrictions has boosted sales of Jeans in Greece in 2023, while unusually low temperatures in May and June prolonged the jeans-wearing season (usually, sales begin to decline in mid-spring, when local consumers switch to…

Extremely high inflation levels, resulting in price increases across most consumer goods, have directly impacted household purchasing power and led to changes in consumer behaviour. Within hosiery, consumers have become more price-sensitive,…

Discounting activities have been gathering pace in footwear as players deploy this strategy to clear out accumulated stock gathered during the pandemic, and to mitigate declines in volume sales as a result of inflationary pressures which are…

Within apparel and footwear, childrenswear was the least affected by COVID-19 and lockdowns, so the high growth recovery rates seen in apparel for adults are not as evident in childrenswear in 2023. Widespread and ongoing economic uncertainty is…

Breakfast cereals have witnessed strong price inflation in recent years and this trend remains prominent in 2023. Many Greeks are opting to make their own cereals instead of buying packaged cereals, guided by a plethora of easy recipes available…

Inflation and regular price increases have significantly affected the baked goods category in 2023. Amid rising costs, bakeries suffered a significant drop in revenues, meaning price increases were essential as most players could not absorb the…

Inflation and the cost of living crisis affected the performance of apparel and footwear in Greece in 2023, with price increases resulting in substantial current value growth across all categories. Volume sales increased, too, post-COVID-19; however,…

A post-COVID-19 return to business travel and events such as christenings and weddings benefited apparel accessories in 2023, with a notable increase in volume sales of ties. Belts, too, are benefiting from a return to office work and socialising and…

The growth of gross lending in consumer lending for 2023 is moderate and slower than what was anticipated a year ago. Factors such as surging inflation, an escalating energy crisis exacerbated by the Russian invasion of Ukraine (with its effects…

In 2023, gross lending in the primary category of other personal lending is experiencing a slowdown in growth due to inflation and reduced disposable incomes. Rising prices, coupled with stagnant salaries, have instilled a sense of insecurity in…

In 2023, open-loop pre-paid cards have seen a mild increase in the number of cards, transaction volume, and transaction value. This uptick is part of the general momentum in card transactions driven by the proliferation of digital wallets,…

The Greek financial card and payments market experienced robust growth in 2022, fuelled by post-pandemic recovery and the impact of inflation. This growth trend persists into 2023, albeit at a slower pace, attributed to the positive economic outlook…

Debit cards continue to dominate the Greek financial cards and payments landscape, showing further growth in 2023. They are growing in terms of the number of cards, volume and value of transactions, and increasingly accounting for smaller, everyday…

In 2023, credit cards are experiencing growth in terms of the number of cards, volume, and value of transactions. After a prolonged period of recovery from the Greek financial crisis of the previous decade, credit cards have found a stable position…

During the COVID-19 pandemic of 2020-2021, commercial charge cards experienced a significant downturn in sales. The lockdowns, decline in tourism (a key driver of the Greek economy), general reduction in business activities, and restrictions on…

Pasta has seen demand rise as a result of the COVID-19 crisis. As a staple product that can be stored and cooked easily, even by novice cooks, pasta saw great sales growth during the lockdown period and continued to benefit even after the easing of…

Sugar has become a key focus of consumer health concerns on the back of increasing publicity around the role of excessive sugar consumption in the development of a range of health problems, including obesity, type 2 diabetes and hypertension. Sugary…

The increasing awareness of the link between high sugar consumption and obesity, especially amongst children, has shed light on the importance of reducing the sugar content of highly calorific foods, including snacks. Indeed, growing awareness of the…

The experiences of the COVID-19 crisis led consumers to feel that products such as hot drinks should not only satisfy thirst and need, but also provide elements to boost the functioning of their immune systems and help with their health. This has…

Protein is perhaps the most popular ingredient consumers currently look for in almost any packaged food in the Greek market. With the increasing interest in regular exercise and sporting activity after the outbreak of COVID-19, Greek consumers have…

The ready meals category is not as strong in Greece as in other Western countries due to the fact that Greek households still remain fairly traditional, with families eating primarily home cooked meals instead of buying packaged ready meals. This…

The health and wellness industry continues to grow in importance post-pandemic as consumers become more aware of the negative health impact of processed foods, seeking healthier foods and beverages from a range of claims such as natural, organic,…

Although state finances are improving and political stability has returned, Greece continues to have an issue with corruption. Economic development is set to slow further, but inflation has also fallen markedly, but high unemployment remains a…

Inflation and increased prices of milk resulted in price hikes in yoghurt. This led to consumers turning to private labels, being unable to afford branded options. As a result, private label gained a significant market share, occupying the second…

Plant-based milk is rising in popularity; the consumer base is widening with a growing number of people shifting to plant-based diets for reasons of health and wellness, in addition to avoiding products with lactose. As seen with vegan cheese,…

The consumption of cream has decreased, with prices increasing, leading consumers to reduce their purchases. In addition to high price points, consumers have turned to healthier options, so they are looking for alternative creams that are better for…

2022 was a challenging year for milk production due to high price points. In particular, fodder got much more expensive, and livestock farmers could not feed their animals, leading to a higher proportion of being slaughtered. As a result, the number…

Increasing product costs, rising energy prices, and inflation led to price rises across all dairy products in Greece. This has impacted consumer behaviour, hindered volume demand and limited purchases in line with reduced disposable incomes. There…

Across the review period, innovation was strong on the cheese category. Until recently, Greek law mandated the pasteurisation of milk for health reasons. However, a new legislation framework across the review period allowed cheese production from raw…

Due to the increase in price points, general inflation, and consumers' lower disposable incomes, the demand for butter has decreased. Consumers have looked to make butter last longer, to purchase cheaper varieties or simply remove the product from…

The low birth rate in Greece is a challenge for retail volume sales of baby food. While the price hikes in 2022 and 2023 meant that baby food is set to record a positive current retail value growth, parents are finding it difficult to afford. As…

The wound care category has been subject to price hikes in 2022 and 2023 in the context of high rates of inflation and hikes in production and transport costs. Wound care is not subject to the same regulatory framework as other OTC products and,…

The over-promising claims that weight loss supplements have been making through the years are affecting the category’s performance. Consumers have been losing their trust in the efficacy of weight loss supplements and this is affecting sales. Despite…

Vitamin C and vitamin D have posted dramatic increases in sales since the onset of the pandemic. Consequently, in 2022, sales already started to show signs of decline due to maturity. Vitamin D, which is the largest category, witnessed losses in 2022…

Alongside the re-opening of gyms and the increase in the number of people engaging in sporting activities since the pandemic being growth drivers for sports nutrition, the category also appears to be appealing to a different consumer group. Consumers…

The key growth driver in sleep aids in terms of ingredients is melatonin. The variety and availability of products based on melatonin increased dramatically at the end of the review period. The launch of Procter & Gamble’s ZzzQuil Nature made a…

The re-opening of schools and the lifting of COVID-19 restrictions, such as compulsory use of face masks in schools, is leading to strong growth for multiple categories within paediatric consumer health. For example, sales of lice/anti-parasitic…

The retail prices of all NRT smoking cessation aids product types have been subject to significant hikes in 2022 and 2023 and this has led to strong growth in value in those years. The penetration of NRT smoking cessation aids in volume terms remains…

Herbal/traditional cough, cold and allergy (hay fever) remedies has posted very strong growth in 2022 and in 2023 as the category has benefited from the surge in respiratory illness that was seen in Greece in Q4 2022 and Q1 2023 in line with the…

Unlike most other OTC categories, in which marketing activities targeted not only the pharmaceuticals community, but also consumers, this was not previously the case in eye care. Companies would reach out to doctors and to chemists/pharmacists in…

Within OTC digestive remedies, the penetration of herbal/traditional products is growing rapidly. This is because there is significant value growth potential for manufacturers as the premium positioning of herbal/traditional products allows for…

Digestive health has recovered its status as a key growth driver in dietary supplements, with probiotics amongst the best performers in the Greek market. Demand was growing rapidly prior to the outbreak of COVID-19, but the pandemic led to growth…

Dermatologicals has seen demand weaken in the post-pandemic period. While certain COVID-19 related habits, such as the use of hand sanitisers, remain relevant and people in Greece continue to use them much more than they did in the past, this is a…

In May 2022, Greece lifted all COVID-19 related regulations. This included the compulsory use of face masks and social distancing rules, and although use of face masks remains fairly high in Greece compared to other European countries, it appears…

Inflation is a key factor influencing the consumer health market in Greece, with price hikes being seen across most categories. Even though increases in prices vary by brand, most products have been subject to hikes. This has not had the same effect…

Upon the lifting of all COVID-19 related regulations, including the compulsory use of face masks, social distancing rules and compulsory self-isolation, there has been a surge in illness which has been a major contributor to sales growth for…

Tourism flows are showing a strong increase in 2023 on both a domestic and international level. Despite the impact of inflation on disposable incomes and travel prices increases, consumers are not willing to cut down on their spending as they seek to…