Yesterday I visited one of the most known cosmetics multi-stores in Greece, a branch located in one of the middle class suburbs of Athens. It was about 2 pm. I was very much surprised to see we were no more than 5-6 customers there. I did my shopping, strictly staying with my list and went to the cashiers. Still a couple months ago, I would stay in a small or bigger queue. This time, when I stood a meter away and asked “Which one?”, all three cashiers shouted at the same time “Here!” It was a very sad picture but very characteristic to the situation the retail experiences in Greece in times of strict austerity. Hit by income decreases and tax increases the Greeks feel like doing anything else except consuming. A fact that has been recorded also by a Pan-European survey conducted by Deloitte in view of Christmas Shopping.
According to the survey, Greeks are the most fearful and frustrated consumers in Europe. Despite the fact the Christmas ornaments and trees have made their appearances in shops, merchants are everything but optimistic about this years’ festive season and consumption.
81% of the Greek respondents said that their purchasing power has declined and that their Christmas Budget will be down at 22%. It’s more than obvious that consumers will cut down the number of gifts. Merchants hope people will do some purchases between Christmas and New Year.
According to the survey, Greeks are ready to cut their spending on clothing (87%), dinner/lunch outside home (86%), household goods such as television sets, computers, furniture (83%), and entertainment (80%). It seems Greeks are reluctant to cut spending on food.
As the economic crisis has hit other Europeans as well, Greeks seem to be not alone in their misery and pessimism.
More than 6 in 10 European consumers say that their country is currently experiencing an economic downturn, and despite the fact that this feeling has affected most of Greece, Portugal, Italy, Spain and France, it has recorded in all European countries.
However, Europeans have more confidence, since 60% felt that despite the crisis the purchasing power has remained constant.
In 2011, European consumers expect to spend, on average, 587 euro for the holiday season, almost 0.8% less than last year.
This year’s survey results show that Europeans are worried about the state of the economy next year and this is a real departure from the corresponding results of earlier surveys, which reflected optimism about the future.
Specifically, while one in four Europeans who took part in the survey in 2010 expected the economy to recover next year; only one in ten has the same feeling this year.
According to the survey, most worried are the Greeks, the Italians, the Portuguese and the French.
The Deloitte study covered a total of 18 countries, including Greece for the second time this year. The survey was conducted during the second and third week of September and asked questions on a broad representative sample of consumers (18,354 people respondents, ages 18-65 years) about their frame of mind and planned expenditure on gifts, extra food for festive meals and out-of-home entertainment and leisure.
You have the support of the majority of the British people in your struggle against the EU and corporate tyranny. Only question I would ask is why there are still three cashiers working if there isn’t the custom to warrant it? Do they want to go bust?
thank you for your support . because it’s a 3 storey store?