Marketing strategy

Price increases have changed consumer habits in Greece, a survey by the Retail Consumer Goods Research Institute (IELKA) said on Thursday.

The survey, conducted on a sample of 1,000 consumers in November 2023, showed a clear trend by consumers to save money to buy basic goods and services. More specifically, the pressure is bigger on reducing spending on basic services.

Bulgaria witnesses a notable improvement in its overall business climate indicator, surging by 3 percentage points from December 2023 to January 2024. The National Statistical Institute (NSI) revealed that this uptick spans across all key sectors—industry, construction, retail trade, and services.

Retail stores and shops will be open on Sunday due to winter sales.

The proposed business hours are from 11 a.m. to 6 p.m., while shopping centers and department stores will operate from 11 a.m. to 8 p.m.

Winter sales kicked off on Monday and will be running through the end of February. Stores can also open on Sunday, January 14 and 21. According to representatives of the retail sector, following a reasonably successful Christmas period, the winter sales are expected to inject fresh momentum into the market.

The latest data from the National Statistical Institute reveals a positive upswing in Bulgaria's retail sector for November 2023. Retail turnover experienced a 0.5% increase from the previous month and a substantial 3.2% rise compared to the same period last year.

Yearly Highlights

"It appears that the forecast for the turnover of the retail market in December - that it will exceed last year's 3.83 billion euros and peak at above €4 billion - is going to prove accurate, while the consumers' preferences regarding gifts remained the same, with clothing and footwear in first place, followed by gift items, toys and cosmetics," the president of the Piraeus Chamber of Commerce

The Ministry of Development is considering imposing a limit on promotional actions by retailers through the definition of a maximum percentage of volume and value of a product that will be allowed to be sold under an offer regime, Kathimerini understands.

The prices of a minimum of 50 food products in the large retail chains that have joined the campaign of the Bulgarian Ministry of Economy and Industry will be lower from today - November 15. They will be branded with the "Affordable to You" (Достъпно за вас) logo.

Fast-moving consumer goods (FMCG) retail, excluding tobacco and alcohol, in Türkiye grew by 86 percent in the first eight months of 2023, a report by NielsenIQ has shown.

The relentless rise of food prices is expected to be the biggest headache for the Development Ministry's new leadership.

The challenge is even greater as this Friday the much-touted Household Basket measure expires, as does the provision on the ceiling on profit margins for a range of essential commodities.