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Industry revenue of »retail sale in non-specialised stores with food« in Greece 2011-2023

Greece is still suffering from the aftermath of the Eurozone crisis. A prolonged period of recession has led to high unemployment rates along with decreased business and consumer confidence levels. Owing to falling household incomes, individuals have curtailed their discretionary spending and are looking to invest mainly in durable goods. This has not augured well for majority of the sectors, including food retail stores. Revenues are projected to drop from 20.1 billion U.S. dollars in 2011 to 12.5 billion U.S. dollars by 2023. According to the Greek Institute of Retail Consumer Goods, consumers have cut their supermarket spending by as much as 38 percent over the past few years. As a result, leading supermarket & retail chains such as Carrefour have witnessed a marked decline in their sales. In fact, popular grocery retailer Aldi was forced to shut all its 38 outlets in the country, owing to the mounting losses as a result of low demand.

However, the outbreak of the coronavirus has brought some respite to the industry for the short term. According to naftemporiki.gr, supermarket sales have risen 30 percent between Feb-April, with an overall turnover of nearly 1.36 billion euros, as a result of panic buying. Additionally, online orders have also grown over three-fold.

Industry revenue of »retail sale in non-specialised stores with food« in Greece from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Greece. The industry “retail sale in non-specialised stores with food, beverages or tobacco predominating“ has the code “G4711“.

Details on the methodology can be found here.

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