What will the Greeks “cut” from family expenses at Christmas 2023?

Most Greek residents are very concerned about how they will be able to set the “Christmas” and New Year’s tables.

Household disposable income has been significantly reduced due to rising prices. This has happened in previous years and can be seen in today’s consumer psychology (how people have changed their shopping habits), says the CEO of the Consumer Goods Retail Research Institute (IELKA), Lefteris Kioses.

However, the latest data from IELKA research shows that Greeks are unlikely to change their Christmas habits compared to previous years.

Citizens, apparently, will still reduce spending on entertainment, that is, eating out and traveling. In addition, the phenomenon of “deferred payments” has been recorded, be it payment of bills, loans or home and car repairs.

Concerning Christmas table, some substitution of some products for others is possible. However, it does not seem that the Greeks will skimp on toys (gifts for children).

Of course, inflation has affected the purchasing power of people, the owner of the toy store chain Demosthenes Liokis tells ERT journalists: “This year there is a small reduction in the final amount someone spendsbecause the high cost and rising prices have definitely affected the public’s priorities.”

Mr. Kioses, speaking about the “Christmas basket”, noted that this a tool that helps certain categories of consumers. We are talking about specific population groups that hardest hit by the economic crisis.

Therefore, the percentage of the population using “baskets” and having a positive attitude towards them is small, at the level of 15-20%. “Baskets” are not a panacea for inflation, he believes.

“On the other side, Comparing prices is our responsibility as consumers., and I believe that this must be done regardless of the “basket,” the businessman notes. Regarding offers in supermarkets, he stressed that “the legislation has now become very strict and also the Greek market is now harmonized with Community legislation. So anyone who makes fictitious offers, face very large fines. Regular checks are carried out on the market.”

When it comes to the plethora of promotions and discounts, the expert argues that we have gone too far, that is, we have too much information, especially in supermarkets, which now only confuses consumers rather than helps.

Consumers are in many ways ordinary people who want to make a routine purchase. And when there are so many labels with symbols on different products, they get confused. And it only hurts.

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