Six out of ten Greeks say they will spend much less on Christmas shopping than they did last year. The reason is rising prices and higher energy costs, as well as fears of contracting the coronavirus.
Changes in consumer buying habits over the past year, the impact of inflationary pressures on disposable income and, as a consequence, on the retail market in Greece are demonstrated by a survey conducted by the Greek Business and Retail Association.
The research was carried out with the scientific support of the ELTRUN laboratory of the Athens University of Economics and Business, from 9 to 11 December 2021, through a survey across the country with a sample of 859 consumers.
Particularly interesting findings and trends have been recorded in relation to the purchasing habits of the population during the Christmas season, the impact of rising energy prices and the pandemic.
The survey captures consumer perception of Christmas shopping. Most of the population, 58%, believe that the cost of shopping this Christmas will be reduced, only 7% believe that it will be increased, and 35% – that it will remain unchanged.
The largest percentage of respondents, 31%, believe that this reduction will amount to more than half of last year’s expenses, that is, more than 50%. On average, according to consumers’ estimates, it is expected to decrease by 20%, that is, this year about 1/5 of the “turnover” of the last year will be lost.
148 euros per capita
As for the approximate amount of spending on purchases during the Christmas period, an average of 146 euros will be spent per capita. 15% of respondents believe that they will not spend anything, 14% said “up to 50 euros”, 23% expect “up to 100 euros ”, 25% plan from 101 to 200 euros, 17% from 200 to 500 euros and 7% over 500 euros. Almost half of those surveyed, or 52%, said they would spend less than € 100 on purchases this Christmas.
It is worth noting that 20% – one in five customers – have already made purchases at Christmas: 7% – on Black Friday, and the remaining 13% – even earlier. The majority of respondents (43%) are expected to shop this week and 37% during Christmas week.
17% won’t buy anything
When it comes to online shopping, 16% say they will do the majority of their purchases online, and this percentage shows the dynamics of online shopping. 68% say they will do the most in brick-and-mortar stores, while 17% say they won’t buy. In practice, the ratio is 1 consumer who buys mostly electronically to 4 consumers who buy mostly in stores.
The above results relate to both the events of the COVID-19 pandemic and the impact of rising energy prices and consumer disposable income. According to the survey, the percentage of consumers who buy products according to the basic criterion of cash spending increased from 43% last year at the same time to 59% in 2021 across all other criteria.
The data show that public concern about price increases has also increased significantly.
Photo courtesy of ru.depositphotos.com