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Greece’s households in despair cut back on food, leave bills unpaid

For many Greeks their salary ends in the middle of the month and households are looking for ways to deal with the high prices. this only leads to consumption cuts even on food  and let bills unpaid.

The latest survey conducted by the Consumer Goods Retail Research Institute (ELKA) ) November 9-11, 2022, provides important data on citizens’ consumption habits.

Consumers have made significant changes recently in their consumption habits in various areas of behavior, which are largely attributed to product and service price increases.

80% of the respondents said that they have canceled entertainment expenses such as dining, vacations, travel, etc.

66% said that they have reduced their electricity consumption.

62% said that they have postponed maintenance and repair work, e.g. at home or in the car.

55% – more than 1 in 2 – said they have cut back on food and grocery shopping overall. (Before the energy crisis it was 30%)

25% said they have used money from their savings to cover their purchases.

20% have postponed paying bills or have stopped paying their obligations.

15% have increased their working hours or found a second job in order to increase their income;

10% have increased their use of credit cards to cover their purchases.

Just 9% of the public say they have taken absolutely no action to address inflationary pressures.

Ereuna IELKA

The survey was conducted with a sample of 1,000 consumers, from November 9 to 11, 2022, and concerned, among other topics, the perceived impact of price increases, the war in Ukraine and the COVID-19 pandemic, on consumer habits in Greece.

Also clear, according to the survey, is a trend of consumers to save money when it comes to purchasing essential goods and services and secondarily managing money.

Worth noting that the survey was conducted before temperatures dropped and households were not forced yet to heat their homes.

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