Extra virgin olive oil sales in Spain fell by 40 percent in 2023

Published Jan 2, 2024

Tridge summary

Inflation in Spain driven by manufacturing costs and poor harvests has significantly increased the cost of living, leading to a surge in the average annual household shopping basket by €800. The olive oil sector has seen substantial price hikes, resulting in significant drops in demand and a shift to alternatives such as sunflower oil. Consumer goods sales rose by eight percent in November 2023, with food leading in expenditure, but certain sectors typically popular in the lead-up to Christmas reported only moderate sales. Overall, rising prices, changing consumer preferences, and economic challenges have created a complex consumer goods market in Spain.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Inflation, driven primarily by increased manufacturing costs and poor harvests, has significantly impacted the cost of living and the spending behavior of Spanish residents. Despite consumers being in savings mode, actively comparing prices and seeking promotions, the average annual household shopping basket has surged by €800 over the past year, according to Nielsen IQ’s study. The olive oil sector, especially extra virgin olive oil, has witnessed substantial price hikes, with increases of 79 percent, 69 percent and 60 percent for extra virgin, virgin and non-virgin olive oil, respectively. Consequently, demand for these oils dropped significantly: 41 percent for extra virgin olive oil, 14 percent for olive oil and 11 percent for virgin olive oil. These figures are estimated to constitute the most significant sustained drop in demand since the turmoil of the Spanish Civil War in the 1930s. Sales shifted to alternatives such as sunflower oil, which experienced a 16 percent demand ...

Source: Olive Oil Times