Greek consumers are increasingly turning to PL, as shown, among other things, in the new consumer research, EY Future Consumer Index Greece 2024, conducted by EY Greece, which is presented in more detail in today's BnB Daily. However, it is noted that the penetration of private label products in Greece continues to lag behind Europe and the US.

The survey points out that economic pressure and the resulting changes in buying behaviour are also directly affecting brand loyalty, which is boosting the shift to private label products. 

LOWER LEVELS

The penetration of private label products in the Greek market has traditionally been at lower levels than in the rest of the world. Overall, the penetration of private label products in most consumer product categories lags significantly behind the global sample, Europe and the US, where private label penetration is significantly higher. Of the countries under comparison, only Italy presents a picture with many common features with Greece.

THE ISSUES

Many explanations have been given for this phenomenon, including: 

• consumer scepticism about the quality of private label products, particularly food products
  the relatively limited range of such products compared with the range of products available abroad
• the high loyalty to branded products, linked to the feeling that branded products are better
  the structure of the retail market with a large number of small and local shops that do not have a private label
• the late entry of hard discount stores
• Finally, and the aggressive promotions of branded products make the prices of private label products comparatively less attractive.