Greek Consumers Change Habits Due to Economic Crisis tagged: , , , , ,

Greek Consumers Change Habits Due to Economic Crisis

Posted by keeptalkinggreece in Society

Greek consumers have made a turn towards their homes, family and friends, boosting household consumption, searching for better prices and products. In this environment, the current economic crisis offers opportunities to those enterprises that will react by timely strengthening their position in the market,” a report by Boston Consulting Group stated on Monday.

According to Athens News Agency, the report, on Greek consumers  sentiment, showed that 85 pct of consumers said they would lower their spending in the coming months, up 32 percentage points compared with the same report published seven months ago.

The report also showed that 18 pct of consumers have transferred their savings abroad, while only 24 pct consumers said they would buy Greek products, saying they could afford to pay for their higher prices. Some 65 pct of consumers said they faced a financial problem, while 56 pct said they felt insecure, whereas the percentage of respondents worried over losing their jobs doubled compared with the previous report. www.amna.gr

However, the crisis offers opportunities, Vasilis Antoniadis, head of BCG in Greece and Camille Egloff, BCG managing director, said. They stressed that Greek companies willing to act decisively by reviewing prices, adopting new technology, new trends and a more efficient promotion policy, would gain a large share of the market.

The report showed that 73 pct of respondents said they had fully realised they were going to consume less compared with previous year, while 94 pct said they will postpone non-urgent purchases. Nine in 10 respondents said they would significantly cut expenses on non-primary need products, while 78 pct said they would focus more on discounts.

A figure of 24 pct said they would change their consumption habits.