Unemployment in Greece remains notoriously high, reaching 23.5% in 2016. Youth unemployment has remained above 40% since 2011, resulting in a ’brain-drain’ of young, qualified Greeks seeking employment and higher standards of living elsewhere. Greece’s recovery also continues to be hindered by a long-standing culture of tax evasion, which is often referred to in the press as the country’s ’national sport’. Recent efforts from the governing Syriza to clamp down on this have included the mandatory installation of Point of Sale (POS) terminals across certain industries.
Between 2014 and 2016, the Greek profit sector recorded subdued value growth at a CAGR of 0.6%. The foodservice profit sector has, to a degree, evaded the steep decline experienced in other industries, due to its links to the reliably robust tourism industry. Similarly, the foodservice market enjoys somewhat inelastic demand, as Greeks remain resilient and continue to partake in regular out-of-home meal occasions.
In 2016, Greece’s QSR market was valued at approximately EUR? 1.5 Billion, posting growth at a CAGR of 0.7% since 2014. While the global QSR market has been widely touted as ’recession proof’, this hasn’t proved the case in Greece. Soaring unemployment and plummeting levels of disposable income have become so severe that many consumers are neglecting to ’trade down’ meal solutions, instead opting to ’trade out’ of out-of-home foodservices completely.
Valued at approximately EUR? 2.8 Billion in 2016, the FSR market represents the second largest foodservice channel by revenue, accounting for 21.8% of overall profit sector revenue. Although value in the channel rose at a relatively strong CAGR of 0.7% between 2014 and 2016, this can be mostly attributed to Greece’s reliably stable tourism industry.
In 2016, Greece’s coffee and tea shop market was valued at EUR? 386 million, posting growth at a CAGR of 0.3% since 2014. Among surveyed foodservice consumers, 63% visited a coffee or tea shop in the previous week, highlighting the relatively inelastic nature of demand in the market. For many, socializing over a Frappe or a traditional bitter coffee remains a daily ritual, despite Greece’s turbulent economic climate.
The report "Greece - The Future of Foodservice to 2021" provides extensive insight and analysis of the Greek Foodservice market over the next five years (2016-2021) and acts as a vital point of reference for operators or suppliers.
In particular, this report provides the following analysis -
- Overview of the Greek macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on Romania’s foodservice market including GDP per capita, consumer price index, population growth and annual household income distribution.
- Growth Dynamics: In-depth data and forecasts of key channels (QSR, FSR and Coffee & Tea Shops) within Greece’s foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price.
- Customer Segmentation: Identify the most important demographic groups, buying habits and motivations that drive out-of-home meal occasions among segments of the Greek population.
- Key Players: Overview of market leaders within the three major channels including business descriptions and number of outlets.
Companies mentioned in this report: Foodservice, Greece, Greek, QSR, quick, full, service, restaurant, FSR, coffee shops, growth, over, saturation, home, delivery, consumers, spending, tourism, operational, costs, austerity.
- Sustained high levels of youth unemployment has resulted in an exodus of QSR operators’ key target audience, forcing them to broaden their appeal to lucrative family segments.
- A developing nationalistic sentiment has benefited domestic brands, as Greek consumers look to support operators that ’give back’ to the local economy.
- Extreme caution among consumers has stalled product innovation, with little demand for experimental food offerings. 46% of surveyed Greeks earn an annual household income of EUR? 8,999.
Reasons To Buy
- Specific forecasts of the foodservice market over the next five years (2016-2021) will give readers the ability to make informed business decisions through identifying emerging/declining markets.
- Consumer segmentation detailing the desires of known consumers among all major foodservice channels (QSR, FSR, Coffee & Tea Shops) will allow readers understand the wants and needs of their target demographics.
- Relevant case studies will allow readers to learn from and apply lessons discovered by emerging and major players within the Greek foodservice market.