Greece is likely one of the most costly nations within the Eurozone for normal grocery store merchandise. In keeping with a research by the Financial institution of Greece (Financial institution of Greece), Greeks pay 10% extra for normal merchandise.
Nevertheless, as discovered within the research, for some merchandise the value deviations in Greece from the EU common are a number of. For instance the value of floor espresso in Greece is 50% greater than the eurozone common, margarine by 60%, carbonated water by 129%, napkins by 100%, long-life milk by 56%.
The research partially attributes these massive variations in costs to the construction of the Greek market, but additionally to the preferences of Greek shoppers. As calculated, by way of merchandise which might be costlier, e.g. carbonated gentle drinks, immediate espresso, bathroom paper and cereals, costs could be 28%-33% decrease if producers’ and retailers’ purchases, but additionally shopper preferences, have been in step with the corresponding Eurozone averages
Nonetheless, the research (ready by the executives of the Financial institution of Greece, Alex. Karakitsios, Theodora Kosmas, Dimitris Malliaropoulos, Giorgos Papadopoulos, and Pavlos Petroulas) additionally finds that the value variations between Greece and different nations have decreased considerably since 2011 The research estimates that there’s scope for additional enchancment with interventions that improve competitors between suppliers, result in adjustments out there construction of shops and – in the long run – purpose to result in elevated shopper literacy by way of schooling.
Additionally, in keeping with the research, for a big a part of unprocessed meals gadgets and companies, that are as essential to shoppers as branded customary grocery store merchandise and are principally domestically produced, Greece is among the many nations with the bottom costs .
The research concludes that simulating the construction of the Greek market and shopper habits in Greece with the corresponding ranges within the Eurozone would result in important value reductions. Particularly, for the product group with the best gross sales within the pattern, the value discount in Greece would attain a mean of 17 proportion factors, whereas for the product group the place Greece is likely one of the most costly nations, the value discount would attain a mean of the 30 proportion factors.
As within the interval 2011-2023 the value variations between Greece and the opposite nations within the pattern decreased by a complete of 9 proportion factors, it’s concluded that there’s room for additional enchancment with interventions that improve competitors between suppliers, result in adjustments out there construction of shops and – in the long run – purpose to strengthen shopper literacy.
Relating to the provider market, elevated competitors would result in decrease costs in virtually all the merchandise within the research, as, for every product class, the market-leading provider holds a bigger share in Greece than within the Eurozone. Additionally, additional reductions within the costs of branded merchandise could be achieved by the better penetration of personal label merchandise.
Lastly, with regard to the grocery store market, it’s estimated that value reductions might come from the rise of native competitors for the buyer on the one hand, and from the creation of shopping for teams for suppliers on the opposite, in order that they’re compensated the oligopolistic practices of multinationals and to realize higher wholesale costs.
Full research right here
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