What do Greeks buy on Christmas Eve?

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Shopper traffic peaks in the last two days before Christmas, with shops opening on Sunday, December 24, and traders expect the increase in traffic already recorded from the previous week to also translate into more revenue in their coffers.

December is traditionally the best month for trading. As stated by the President of the Chamber of Commerce and Industry of Piraeus, Vassilis Korkidis, “the trading world expects that this year’s festive period will be better than that of 2022, and everyone wishes that this year’s turnover will exceed last year’s 3.83 billion and amount to more than 4- x billion euros.”

He notes that it is obvious that the market is “seething”, thanks to Christmas “gift”, as well as additional assistance that the government provided to households experiencing increased needs. “The €800 million paid out cumulatively last year is expected to rise to more than €1 billion due to reduced unemployment and higher wages in the private sector,” Mr Korkidis estimates.

Since shops will open this Sunday and the weather will be an “ally” of trade, people will be happy to go shopping, as President of the Athens Chamber of Commerce Stavros Kafounis noted in a conversation with reporters.

Latest retail trade data, year to date, shows “inflationary” but an encouraging increase in turnover of at least 10%, assessed as satisfactory.

Trade market entrepreneurs hope that this year’s holiday season will help achieve this year’s turnover target: “Even though the period until the end of the year is short, we believe that the intensity of consumer traffic during the holidays is sufficient.”

Regarding prices, Mr. Kafounis said that data shows ELSTAT for consumer durables, clothing and footwear, the index shows unambiguously low growth rates of 1, 2 or 3%.

Department stores and chain stores are “reading” the surveys with concern. The Greek Business and Retail Association has completed its ninth survey documenting retail consumer trends, revealing that despite a marked improvement in performance, consumers believe that “today is still not the most pleasant time to make large purchases for the home, both for yourself and in general”.

As for the inflation rate, Mr. Korkidis also notes that “in November it may have dropped to 3%, but food price growth remains at 9%.” He notes that food and housing costs burden households, while businesses suffer from raw material and transportation costs.

In turn, the president of the Athens Chamber of Commerce, Yiannis Hatziteodosiou, speaking to reporters, said that citizens will make as many purchases as possible. The official hopes that consumption in stores will increase. However, according to him, the high cost of food continues to be the biggest problem for households. Greeks reportedly spend almost 50% of their income on buying basic necessities. This means, he continued, that households’ disposable income for purchasing other goods (for example, clothing and shoes, gifts) is limited.

Concerning cost of the festive table (for 6-8 people), then ESEE estimates its value to range from 103.10 to 140.76 euros. In other words, this is an increase of 10.8% – 11.4% compared to the corresponding 2022 figures.

Citizens react to inflation by changing their consumer behavior. 84% of Greek consumers express concern about their financial situation during the holidays, with 89% preferring economical options. The survey, which was conducted jointly with research company Nepa, involved more than 15,000 consumers from 15 countries, including Greece.

Klarna’s research shows the significant impact of inflation on citizens’ habits: 89% of Greek consumers have been affected by it, higher than the global average of 67%. The study notes that 64% of Greeks are looking for affordable goods due to inflation. As the holiday season approaches, 84% of Greek citizens express concern about their financial situation, in contrast to 71% globally.

At the checkout, 67% of Greek consumers find it difficult to decide which items to keep and which to remove from their cart. In addition, 58% express concern about credit card debt during the holiday season, and 42% admit they are unlikely to be able to fully pay off their credit card debt after the holidays.

When it comes to budgeting for holiday expenses, research shows that 39% of consumers plan to spend the majority of their money on gifts, and 33% on food. When it comes to personal shopping ahead of the holidays, 44% of Greeks intend to buy new fashion and beauty products, with 47% focusing on shoes, 34% on casual wear and 34% on cosmetics.

More than half of Greek consumers intend to give preference to more economical products, reduce spending on non-essential goods and buy fewer goods compared to previous years. This reflects a conscious effort to adapt to economic difficulties and shows that consumers are well informed before making a purchasing decision.

The survey results show that 52% of Greek consumers plan to make a financial plan for the holidays and commit to sticking to it. In addition, 66% intend to track their spending throughout the holiday season and record all expenses incurred.

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