Two out of three citizens have reduced their electricity consumption and food purchases, and eight out of ten regularly “hunt” for promotions and discounts held in supermarkets. Since the money spent is now the main criterion for choosing products.
This is the result of a study by the Consumer Goods Retail Institute (IELKA), which reflects changes in the sales market (rising prices for everything and everything) during the war in Ukraine and the pandemic.
Consumer habits in Greece are undergoing a significant change. Research shows a clear tendency of citizens to save money on purchases of essential goods.
In particular, 84% of the population say they hunt for offers and discounts more (compared to 79% in April 2022), because The average consumer savings from promotions and discounts in the supermarket consistently exceeds 13%. Another 75% say they choose more economical or cheaper product options, as evidenced by the growth in sales of “own brands” (AB, Sklavenitis) in the first quarter of 2022, approaching 10%. At the same time, 67% say that reduced the purchase of food and groceries (compared to 61% in April).
Behavior towards saving electricity consumption similarly.
In particular, 63% of the population state that they have recently reduced their electricity consumption. After all, this is the item with the biggest increase in recent times. “You can use a hair dryer or iron less often,” the Greeks decided.
In addition to essential goods, the trend towards saving money is more pronounced on secondary purchases, such as the purchase of personal hygiene items, household goods or household chemicals (washing powder, etc.).
For example, 83% say they have put off shopping for personal items, clothing, or household goods (compared to 75% in April). it a trend that coincided with a time when the market expected more movement due to the discount period. Also, 44% are avoiding shopping to have money for an emergency, a trend that was “born and strong” during the pandemic.