Alcoholic Drinks - Greece

Greece, known for its rich history and picturesque landscapes, has a vibrant Alcoholic Drinks market that is experiencing interesting trends and developments. Customer preferences in Greece are shifting towards premium and craft alcoholic beverages, with consumers seeking unique and high-quality products. This trend is driven by a desire for authenticity and a growing interest in supporting local producers.

Customer preferences: In Greece, there is a growing demand for premium and craft alcoholic drinks. Consumers are willing to pay a premium for products that offer unique flavors, high-quality ingredients, and a sense of craftsmanship. This shift in preferences can be attributed to changing consumer lifestyles and a desire for more sophisticated drinking experiences. Additionally, the younger generation in Greece is increasingly interested in exploring new and innovative alcoholic beverages, driving the demand for craft products.

Trends in the market: One of the major trends in the Greek Alcoholic Drinks market is the rise of artisanal and craft products. Craft breweries, distilleries, and wineries are gaining popularity as consumers seek out locally-made and unique beverages. This trend is driven by a desire for authenticity and a growing interest in supporting local producers. Craft beers, small-batch spirits, and boutique wineries are becoming increasingly popular among Greek consumers. Another trend in the market is the growing popularity of Mediterranean-inspired alcoholic beverages. Greece's rich culinary tradition and the use of local ingredients are being incorporated into the creation of alcoholic drinks. This trend is evident in the emergence of Greek-inspired cocktails and the use of indigenous herbs and fruits in the production of spirits. Mediterranean flavors and ingredients are seen as a way to differentiate products and appeal to consumers looking for a taste of Greece.

Local special circumstances: Greece's tourism industry plays a significant role in shaping the Alcoholic Drinks market. The country attracts millions of tourists each year, many of whom are looking to experience the local culture and cuisine. This presents an opportunity for Greek alcoholic beverage producers to showcase their products and cater to the preferences of international visitors. The demand for Greek wines, ouzo, and other traditional drinks is particularly high among tourists, contributing to the growth of the market.

Underlying macroeconomic factors: The Greek economy has been recovering from a prolonged period of economic instability, and this has had an impact on the Alcoholic Drinks market. As the economy improves, consumers have more disposable income to spend on leisure activities, including dining out and purchasing alcoholic beverages. This has contributed to the growth of the market, as consumers are more willing to indulge in premium and craft products. In conclusion, the Alcoholic Drinks market in Greece is experiencing a shift in customer preferences towards premium and craft beverages. This trend is driven by a desire for authenticity and a growing interest in supporting local producers. The rise of artisanal and Mediterranean-inspired drinks is also shaping the market. Additionally, Greece's tourism industry plays a significant role in driving the demand for traditional alcoholic beverages. As the Greek economy continues to recover, consumers have more disposable income to spend on leisure activities, further contributing to the growth of the market.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.