Supermarket carts are lighter than ever
Consumers put less in their supermarket carts as rising prices continue to eat up their disposable income.
According to data published on Friday by NielsenIQ, sales volumes in the food and beverage category in the first half of 2022 (data up to June 19) decreased by 2.7%, a development attributed to the significant increase in prices, which, on average in standardized foods, reached to 4.2% in the first half of the year.
The food and non-alcoholic beverages group, which also includes fresh produce and not just sales from the supermarket channel, saw a 12.6% rise in prices in June, according to the Greek Statistics Authority (ELSTAT).
The marked decrease in sales of food items, but also of all other major product categories, such as household care items (detergents etc.) and personal care items (soaps, shampoos, etc.) The first half of 2022 compared to the corresponding half of 2021. NielsenIQ notes that this increase is only due to the price jump.
Record hikes in food prices are being recorded in very basic product categories, putting even more pressure on family budgets. According to NielsenIQ, the categories of olive oil, packaged cheese and flour increased by 22.7%, 9.6% and 9.1%, respectively. In fact, the months of May and June contributed significantly to the above price hikes, with even greater increases recorded compared to the first quarter of 2022.
Price setting is far from ideal in other categories of supermarket goods as well, which also causes a significant drop in sales. Prices for home care products increased on average in the first half of this year by 3.4% and personal care products by 2.1%.
The decrease in sales volume also caused a significant decrease in sales volumes of 5.3% in home care items and 3.6% in personal care items. Among the categories with the highest price increase were aluminum foil (16.7%), as well as diapers (9%).
Consumers are also turning to cheaper products, especially private label products. According to NielsenIQ data, the share of private-branded products is 13.6% this year from 12.7% a year ago.