The Greek Ministry of Development is implementing measures in an attempt to combat rising prices in Greece plaguing households by promoting transparency in promotional offers of food and everyday products sold in retail. The goal is to ensure consumers are fully informed about the exact savings they will receive before making any purchases.
In a move to stabilize prices, the ministry plans to expand its price reduction initiative. An updated list, which is expected to be announced next week, is close to the initial target of 600 items, with the goal being to soon surpass it.
The ministry is targeting market distortions and consumer deception in promotional offers and marketing activities, which often lead to hidden price increases. The relevant minister, Takis Theodorikakos, has frequently stated, “We will never stop striving to reduce prices.”
By 2025, consumers are anticipated to notice significant changes on supermarket shelves. Firstly, there will be fewer but more impactful promotional offers. Secondly, the frequency of these offers will be reduced. The idea is to cut back on the overwhelming volume of discounts, optimizing costs for both suppliers and retailers, with the hope that these savings will be reflected in lower prices on the shelves.
The two main scenarios being considered include either the banning of combined offers for the same product, e.g., buy one, get one free along with a 50% discount, or if simultaneous offers for the same product do occur, ensuring they are of the same value.
Additionally, there must be no difference between the packaging of promotional and standard single units, which is currently a common practice.
Another significant change to curtail rising prices in Greece will be mandatory transparency in pricing. When a price reduction is announced, retailers will be required to clearly display the previous reference price, which must be the lowest price offered in the 30 days prior to the discount.
