In their effort to save money, Greek consumers are increasingly hunting for Offers and discounts provided by supermarkets, reaping significant benefits.

According to the data of the 2014-2023 annual pan-Hellenic survey of the Consumer Goods Retail Research Institute (IELKA), with a sample of 2,000 consumers from all over Greece, which was carried out in the period December 2022-January 2023, the average annual benefit enjoyed by Greek households in 2022 from the “hunting” of offers” is estimated at 390 euros

The weighted average savings of the total is 13% – flat from previous years, but up from the previous decade.

The economic analysis of that research shows that:

– on average the consumer for the standard shopping cart they often buy, saves about 15.4% thanks to promotions.

– The biggest savings are seen in detergents and hygiene products with around 25-30% depending on the category and in dry food by around 15-20% depending on the category. All categories show savings which in no case fall below 5%.

Minutes, the total value of offers and discounts in large supermarket chains corresponds on average to a benefit approaching €400 per year for 2022-23; due to the increase in household spending due to inflationary pressures.

This value has been increasing on an annual basis for the last 10 years with the exception of 2016, a year of underperformance of two of the then most important supermarket chains in the country. It is worth noting that this benefit is much more significant than the corresponding benefit of the previous decade due to the increase in household spending on groceries. Overall, the average savings per household is estimated at over 3,000 euros for the last 8 years, while the total value given in 10 years exceeds 12 billion euros.

The majority of the public, 5 out of 10, save at least 10% of the value of their purchases, while only 1 in 10 say they save nothing, while 3 in 5 say they save more than 10% of the total value of their purchases. These percentages are particularly high and show how important is the benefit obtained by the majority of consumers. These percentages correspond to the level of price increases recorded in recent months and show that consumers have the ability to mitigate these additional costs with smart purchases.

According to the survey, the majority of consumers in percent 52% consider that the offers and discounts in organized retail stores help them in dealing with revaluations.

In the context of the research, other opinions of consumers were examined around the offers which show a gradual change. It is characteristic that while in 2017 74% of the respondents hunted for offers and discounts at the supermarket, this percentage in 2021 had formed at just 58% to increase in 2022 to 63%. This development reflects the need of consumers at this particular time to save money. At the same time, however, the effect of offers and discounts on store selection is also increasing.

The percentage of consumers who chose a store mainly because of offers had decreased from 63% in 2017 to 41% in 2021, to increase again in 2022 to 51%, which shows that now the availability of products at bargain prices is strongly point of differentiation between supermarket chains.

Indicative of consumers’ need for lower prices is the fact that 43% of the public say they prefer more deals to low prices, up from 44% in 2021 and 57% in 2017. This consolidation shows that consumers need both low prices and discount actions. This 43% of the public believes that by searching and choosing offers and discounts they have the potential for both greater savings and tailoring to their own personalized money saving needs. On the other hand, however, a significant portion of consumers may not have the energy or time to take full advantage of discount promotions and therefore prefer lower prices more.