Supermarkets in Greece saw a 3% surge in turnover in the first quarter of 2024 according to the most recent market data provided by NielsenIQ. Concurrently, private label products are progressively occupying a larger share of consumers’ shopping preferences.
The study indicates a promising outlook for the organized retail food sector in the first quarter of 2024. Data up to March 31 reveals a solid growth of +3.0% compared to the same period last year. Fast-moving consumer goods (FMCG) followed suit with an increase of +2.7%.
This growth is largely attributed to a surge in sales volumes, as price increments remained relatively moderate, at around 1%. This trend has notably stimulated consumption patterns.
Regarding FMCG super-categories, both Food & Beverages and Personal Care and Beauty sectors witnessed a robust turnover increase of +3.3%. However, Home Care products experienced a -1.7% decrease in turnover, largely due to a significant reduction in average prices.
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%. Furthermore, promotional activities are increasing from 68.7% to 69.8%. According to NielsenIQ’s latest findings, promotions heavily influence 9 out of 10 shoppers in their brand and store selections.
