Humble holidays for Greeks

Greek consumers are set to opt for more economical holiday solutions this year, looking to either save money to be able to travel or extend their travel time.

This is the conclusion of the 2023 Holiday Market Study conducted by the Hellenic Association of Business and Retail Sales of Greece, with scientific support from the ELTRUN laboratory of the Athens University of Economics and Business, during the period June 3-5, 2022, on a sample of 880 consumers.

As the results of the survey show, the majority of the population chooses country houses, their own or relatives and friends, free of charge (26%) or for money (22%).

20% choose to stay in apartments rented through short-term rental systems, and only 9% – accommodation in hotels (7% without meals and 2% with full board). 6% choose camping and 6% travel abroad.

At the same time, 45% of respondents say they often cook during the holidays, which means they are trying to cut down on their food costs.

66% say they often visit grocery stores and supermarkets during their holidays, which again indicates a desire to save money, and 53% buy local products.

16% buy other types of goods on vacation: either souvenirs or other goods such as clothes, shoes, jewelry, toys, etc.

The average spending on shopping during a holiday is estimated at 230 euros. Of these, €118 (i.e. 51%) relates to food purchases, for example at the supermarket, for cooking in the home or for direct consumption, for example at the beach.

€52 is for purchases of tourism goods such as souvenirs and €59 is for purchases of other goods such as clothes, shoes, toys, jewelry, as consumers integrate shopping into their daily holiday routine.

Based on these numbers, expenditures from domestic tourism are estimated at 380 million euros. However, according to respondents, their spending on vacation this year will be reduced by 15%.

As for the reasons, the survey shows that this is mainly due to a decrease in income due to rising food prices (an increase from 63% to 69%), followed by transport costs (a decrease from 52% to 43%), an increase in the cost of of residence (growth from 23% to 38%) and a decrease in income due to electricity costs (decrease from 50% to 37%).

The survey data shows that, despite the challenges caused by inflationary pressures, a significant portion of the population will take vacations and make significant purchases at this time of the year, but with spending cuts, which is also the result of a broader money-saving trend.

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