Greece has introduced a new code of conduct for supermarkets this March aimed at increasing price transparency for consumers.
Discounts in supermarkets must now be based on the lowest price the product was sold for in the past 30 days, instead of the supplier's suggested discount.
Multi-pack offers must also offer single items for price comparison, unless the multi-pack offer lasts longer than 60 days and the regular price is documented with the Ministry of Development.
Additionally, multi-buy offers – such as buy one, get one free – will be limited to a maximum of four months per year.
Existing rules regarding discount cards and coupons remain in place. Violation of the new code could result in fines of up to €1.5 million and double for repeat offences.
New Regulations
The general director of the Hellenic Super Market Association, Apostolos Petalas, told the ANA-MPA news agency that the new regulations are based on a European directive which has been adopted by most European countries, including Greece.
"The consumer understands that the discount or offer is made with a reference price. So, everything becomes clearer for the consumer," he added.
This code of conduct follows months of consultations, led by the Ministry of Development, in consultation with key stakeholders, including supermarkets, the food industry, and multinationals.
After a ten-day period to inform and familiarise the market with the new rules, authorities will begin inspections on 17 March to ensure supermarkets comply with the new discount display code of conduct.
This initiative aims to empower consumers to compare prices effectively, avoid misleading promotions, and promote fair competition.
Supermarket Profits Surge
While Greek households struggle with inflation, supermarkets have seen profits surge by over €2.2 billion in the last three years.
Data from Circana Greece, published by To Vima, shows supermarket turnover increased by 3.1% in the first eleven months of 2024, to €10.9 billion. The growth was fuelled by rising food prices and a greater reliance on promotions and private-label products.
Despite the inflationary pressures, overall supermarket sales are projected to grow by 3% in value in 2025.
The market share of private-label products increased to 26.7% in 2024, while promotions reached a new high of 25.5%.
Food sales, up 4.1%, drove supermarket profit growth, while sales of personal care (-0.5%) and cleaning products (-0.4%) declined slightly.
