Price increases have changed consumer habits in Greece, a survey by the Retail Consumer Goods Research Institute (IELKA) said on Thursday.
The survey, conducted on a sample of 1,000 consumers in November 2023, showed a clear trend by consumers to save money to buy basic goods and services.
Τhe pressure is bigger on reducing spending on basic services.
The survey shows that:
- 75% of respondents (71% in January 2023) said they have eliminated entertainment spending, such as restaurants, travel, etc,
- 52% (50% in January) said they have put off repairs and maintenance on houses and cars
- 55% said they have cut purchases on food and groceries
- 48% (40% in January) have changed the purchases of brand products
- 28% (24% in January) used savings to cover their expenses.
Of these, 28% (29% in January) have defaulted on their debt, while 15% were working overtime or have found a second job.
More consumers are using the government-sponsored ‘household basket’ measure in supermarkets to save money but the majority of consumers think that this measure was the least effective for dealing with price increases.
81% of respondents said cutting VAT on basic foods was the best measure for combating higher prices.
Food prices and prices in essential items have been constantly increasing around an average 9% per month in 2023 – and continue in 2024.
Food prices up in January 2024:
- Greece +7.1% (from +7.6%
- Eurozone +5.7% (from +6.1%)
source: EUROSTAT
