CRISIS HIT GREECE FOOD CONSUMERS ARE BUYING LESS, BUYING CHEAPER, AND BUYING GREEK.
July 1st, 2011
BY MICHAEL KOSMIDES
Rocky times lie ahead for the food retail sector in Greece, as consumers are faced with increasing pressure in the debt-ridden country. With rising unemployment rates, which currently stand at about 16%; a 4.8% drop in the GDP for the first three months of 2011 alone; and price rises mainly due to two VAT increases last year - the spending power of Greek consumers has been reduced significantly, and the food industry is suffering because of it.
A spokesperson from Greek market leader Carrefour Marinopoulos told just-food.com that "the ...
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