(MENAFN) As Greece faces another wave of price hikes in essential goods, consumers are turning to private-branded products to save money. According to a recent report by market researcher NielsenIQ, seven out of 10 suppliers and retailers in Greece are planning to increase prices this year. This inflationary trend is expected to continue, with the recessionary economic environment forcing consumers to be more cautious with their spending and seek out discounts and offers.
As a result, the share of private-branded goods in the retail market has exceeded 25%, as more consumers opt for cheaper alternatives to established brands. The report also notes a decline in the number of consumers willing to pay higher prices for quality products. This shift in consumer behavior is likely to have a significant impact on the retail industry in Greece, as suppliers and retailers must adapt to meet the changing demands of their customers.
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