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EXECUTIVE SUMMARY
Economic crisis leads to steep declines
Alcoholic drinks in Greece witnessed steep declines as a result of the economic crisis in 2011. First of all, rises in VAT and Excise Taxes during 2010 resulted in high unit price increases. In some categories, the price of spirits increased by up to 30%. This mainly affected off-trade as in on-trade operators absorbed the increase in order to maintain sales. Although in most countries, consumers shifted to at-home consumption as a result of the crisis, this did not really happen in Greece where alcoholic drinks as whole became increasingly unaffordable. At the same time, on-trade sales were also badly affected. The frequency of nights out declined considerably as well as spending per night out, whereas there were changes in terms of venues, with the traditional Tsipouradika witnessing an increase in footfall at the expense of restaurants and bars/clubsConsumer preferences change along with squeezing disposable incomes
In on-trade, a migration from spirits to beer was witnessed in context of beer being a cheaper option for bars and clubs. There was also a migration from bars to more traditional outlets where prices are cheaper, with this leading to a decline in consumption of foreign spirits and a shift to domestic spirits, wine and beer. Spirits witnessed the highest decline in terms of sales, although there was a rise in consumption of domestic spirits like raki, ouzo and tsipouro which are considerably cheaper in both on and off-trade. In wine and tsipouro, there was a massive switch to unbranded products that allow higher profit margins. This was accompanied by a rise in black market sales, as these products are largely supplied directly from the producer. Manufacturers are afraid that there is also a rise of parallel imports, especially in tourist areas. With all-inclusive packs becoming more common in Greece, hotels are starting to import cheap no-name beer, cider and spirits, as it is not profitable for them to serve branded products.
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