Research Institute of Retail Consumer Goods

Everyone must continue the effort to reduce prices, with a reduction of the gross profit margin for the benefit of consumers, Development Minister Takis Theodorikakos said on Monday during a meeting with the board of the supermarkets' union.

Supermarkets witnessed a price decline in July, the third month in a row, according to a survey by the Research Institute of Retail Consumer Goods (IELKA) at large chains.

The prices of products at supermarkets fell by an average of 1.56% compared to July 2023, while 13 of the 23 categories of supermarket products recorded a decrease in prices. 

The prices of products in supermarkets in May 2024 have declined for the first time on an annual basis and are down by an average of -1.25% compared to May 2023, according to a survey conducted by the Research Institute of Retail Consumer Goods (IELKA) at large supermarket chains.

Hikes in supermarket prices in comparison with the same period of the previous year, were relatively restrained in April 2024, according to a survey of major supermarket chains conducted by the Research Institute of Retail Consumer Goods (IELKA) and released on Wednesday.

Outrageous discounts are the first "mystery" in the Greek market, with supermarket chains successively advertising 50% off specific products. Are they selling below cost to drum up new custom? Probably, but then we see those same products going for half-price at every other supermarket. 

Supermarkets in Greece generally have lower prices than other countries in Europe, but this is a phenomenon that is mainly related to the fact that in Greece most vegetables and fruits are cheaper and in general products sold in bulk.

The number of customers that supermarkets can serve has fallen 70% after the government's decision to reduce the maximum number of shoppers in a store at any given time, plus the weekend curfew from 6 p.m., according to a survey by the Research Institute of Retail Consumer Goods (IELKA).

While their great success may have been dictated largely by the pandemic, it seems that online supermarkets are here to stay. It is no coincidence the investments of supermarkets in 2021, too, mostly concern improving their e-stores and the creation of the necessary infrastructure.

Supermarkets have had to reduce the number of customers they serve at any one time by up to 60% due to the stricter measures imposed on retail commerce since Monday, when other stores reopened.

The measures have resulted in long queues outside supermarkets.

As the food service sector reopened for business this week following over two months with its shutters down, a consumer survey found that two-thirds of consumers do not intend to visit any restaurants this year, while almost a third of Greeks will not be going on holiday this year.