Greeks fill it with private label products (Private Label-PL) while accuracy in basic products insists, reducing the cost of their purchases at the supermarket. As evidenced by an annual survey carried out by the Athens University of Economics Marketing Laboratory with a telephone poll in a scientifically random sample of 1880 households in January 2024, PL now accounts for 36% of the consumer’s basket from 33% last year. According to what he says speaking to the Athenian-Macedonian News Agency, Professor George Baltas, who coordinated the research, “is the highest percentage we have ever recorded in the 19 years we are doing research at the Marketing Laboratory of the Athens University of Economics. The share of the private label in the shopping cart is well above 30% of the codes entered into the consumer’s basket, i.e. well over 3 out of 10 products purchased are private label codes.” At the same time, they continue to win a place in the basket and Greek products. According to Mr. Balta, “consumer preferences for Greek products were not affected by the negative climate of the period. This shows that Greek production does not constitute a more expensive purchasing option and the preferences for it are timeless durable.” 81% of respondents replied in the investigation that when they find Greek products in the supermarket they prefer them to import. However, this question concerns the intention of the consumer and of course does not identify with his final choice affected by multiple factors (availability, offers, etc.). In addition, 66% of respondents believe that there is a shift of consumers in Greek production products, 89% states that they want to be mentioned in the packaging that a product is Greek production, 65% believe that Greek products have better security and quality, 93% believe that preferring Greek products supports the production of the country, 83% believe that preferring Greek products helps reduce unemployment. From the above data, it appears to dominate the consumer support movement of Made in Greece. Of particular importance is the rational treatment and understanding of the importance of supporting domestic products to support production and workers. These are attitudes of maturity and solidarity that have now been established in Greek society. New consumer habits bring inflationary pressures The findings of the investigation reveal the impact of valuations on everyday products on consumer purchasing behaviour. As Mr Baltas points out, “pressure on family budgets has been growing ever since mid- 2021 and consumers are changing purchasing habits to face accuracy.” The vast majority (90.3%) of respondents said that it is economically difficult due to increased supermarket prices. Consumers turn to cheaper and fewer markets, while half say they are limited to absolutely necessary products. Almost one out of ten consumers states that they cannot even buy the basics. With regard to the consumer’s view of who is most responsible for excessive price increases in consumer products, among multinational industries, Greek industries, large trade chains and small local shops, most consumers chose multinational companies (68%), while much below and in second place the large chains (24.2%). Very small (6.9%) selected domestic manufacturers and few (0.9%) small shops. As part of the research, the amount of expenditure was measured every time they shop. The average cost at the supermarket is estimated at 70 euros with a significant increase of 14.7% from 61 euros last year. The increase in expenditure per visit to the supermarket reflects the rise in product costs due to inflation. Accordingly, the average monthly expenditure is estimated at 370 euros, rising from 324 euros last year. 75% of consumers spend up to 450 euros a month. The increase in expenditure derives mainly from valuations, which in this sector are much higher than the general index of consumer prices. Concerning the number of supermarkets they use, only 58% of respondents said that they are consistently shopping in a supermarket and 42% are sharing markets in more. 93.2% of respondents use up to 3 different stores for their purchases. The frequency of purchases in supermarket chains has an average value of 6 times a month, remaining stable compared to last year. Most consumers say they shop four times a month. 86% of respondents shop up to 8 times monthly. 89.4% of respondents state that they have decided what items they will buy before going to the physical or electronic supermarket. In particular, an increased effort is recorded to remove impulsive markets and to plan purchasing decisions, in an effort to better manage disposable income under inflationary conditions. On the issue of the brand of each product pre-decided, 50.5% appears. The respondents stated in the investigation the importance they attach when shopping on key product selection criteria. More important product selection criteria are considered quality, price, offers, and Greek origin. These criteria remain timeless in the first 4 places in the annual surveys of the Athens University of Economics and Business. As regards the importance consumers attach to specific criteria for selecting supermarkets, the investigation showed that the quality of goods, prices, offers and easy access have the greatest importance in choosing a shop from the consumer. With regard to the household basket, consumers appear shared. 53.5% of consumers think it is a useful measure and 52.8% shop products found in the “house basket”. However, its acceptance by around one in two consumers shows, according to the investigation, that it is not a insignificant measure and its implementation is of great interest to the purchasing public. SOURCE: RES-BE
Economic University Survey: Turn to Greek and private label products by consumers
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