Greece is preparing to roll out a fresh initiative aimed at easing pressure on household budgets, with planned price cuts across some 1,000 everyday consumer products. With inflation still weighing heavily, industry players and supermarket chains are making the final technical adjustments to launch the scheme around October 10, running through December 31.

According to industry sources, this year’s program will expand significantly compared to last year’s, when 705 product codes were included. Private label (PL) items will also play a central role, as supermarket chains plan to offer additional discounts on top of the reductions provided by suppliers. The recent easing of food inflation is expected to help suppliers offer more competitive price cuts.

Meanwhile, new data from research firm Circana sheds light on shifting retail dynamics. The once fast-growing category of superettes (stores under 400 sq. m.) has slowed dramatically, with growth dropping to 7.2% in July, compared with double-digit gains above 15% in 2022.

Larger supermarkets, especially those over 2,500 sq. m., are now leading the market, benefiting from their ability to offer more promotions. Stores between 400 and 1,000 sq. m. have also bounced back, showing growth of 4%.

Private label products are regaining momentum, too. After lagging behind branded goods in growth, they are once again outpacing them. Circana data shows PL products now hold a 27.2% market share, with a growth rate of 7.3%, compared to 5.4% for branded products, which still dominate with a 72.8% share. Analysts link this shift to the reduction in promotions, as cash-strapped consumers increasingly seek out cheaper alternatives.

From January to July, total supermarket sales in Greece rose by 5.9%, while average price increases were limited to 1.4%. In real terms, this points to a robust 4.4% rise in sales volumes, underscoring strong consumer demand despite economic pressures.