February 3, 2023

Athens News

News in English from Greece

Consumer spending is capped this Christmas – 7 in 10 will spend less than last year

This year, 7 out of 10 consumers will spend less at Christmas than they did in 2021, according to a survey conducted by the Greek Business and Retail Association (ΣΕΛΠΕ).

The survey was conducted with the scientific support of the ELTRUN laboratory of the Athens University of Economics and Business, and took place between 14 and 16 November 2022 on a sample of 1,150 consumers.

The survey showed that the majority of the population, 71%, believe that the cost of their purchases this Christmas will decrease, 8% will increase, and 22% will remain unchanged. The largest part, 38%, believes that this reduction will be more than half of last year’s spending. In the medium term, according to consumers, the decline will be 31%, that is, this year will be lost about 1/3 of last year’s “turnover”. This estimate, while unrealistic, is indicative of the consumer climate in the market, according to the ΣΕΛΠΕ survey.

As for the estimated amount spent on Christmas shopping, the average estimate is 145 euros per capita (compared to 146 euros in last year’s survey). 15% believe they will not spend anything, 19% up to €50, 25% up to €100, 23% from €101 to €200, 14% from €200 to €500 and 4% over €500. Almost half of the population, 52%, will spend less than 100 euros on shopping this Christmas.

It should be noted that 13%, every eighth consumer, has already completed their purchases long before Christmas, 48% – a week before Christmas and 39% – during the current week.

When it comes to online shopping, 15% say they will do the majority of their shopping online (compared to 16% in 2021), showing the momentum in online shopping. 65% say they will do most of their shopping in physical stores and 20% say they won’t. In practice, the ratio is as follows: 1 consumer who buys mainly on the Internet to 4 consumers who buy mainly in person.

These findings, according to the study, are also related to changes in the impact of rising energy costs and rising prices on consumer disposable income.

A source ΑΠΕ-ΜΠΕ

PS It is worth noting that this year for the same amount as last year, you can buy no more than 50% of the number of last year’s purchases, since food prices have increased at least 2 times. At the same time, the incomes of the population, despite the victorious reports of the government, remained at the same level.

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