The Greeks are tighter "tightened their belts"

Cutting back on purchases, even food and grocery shopping, eliminating travel and entertainment expenses, and postponing expensive home or car repairs until later are just some of the changes consumers have had to come to terms with in order to try to meet paychecks and simply …survive.

This follows from the latest survey conducted by the Institute of Consumer Goods Retail Research (IELKA) in November 2023. The study, among other things, looked at the impact of price increases on consumer habits population.

As reflected in the above responses, there have been significant changes in consumer habits in various areas recently, which is largely due to the rise in prices of products and services.

There is a clear trend among consumers to save money on essential goods and services:

• 75% (up from 71% in January 2023) of the population say they have canceled spending on entertainment such as eating out, vacations, travel, etc.
• 52% (up from 50% in January) say they have put off maintenance and repair work on things like their home or car.
• 55% (up from 55% in January) say they have reduced their food and grocery purchases overall.
• 48% (up from 40% in January) say they have switched product brands (to a cheaper alternative).
• 28% (up from 24% in January) say they used money from their savings to cover expenses.
• 28% (up from 29% in January) have delayed paying bills or stopped paying obligations.
• 15% (up from 11% in January) say they have increased their working hours or taken a second job to supplement their income.

Only 4% of the population say they took no action at all (they were not affected by inflation).

Interest in the “Family Basket” has more than doubled. As experts note, the use of the promotion by the population is growing.

Interest increased from 28% to 61%, and the audience who believes that “Family Basket” essentially “offers nothing” decreased from 44% to 29%.

The main measure that consumers insist on is, of course, a reduction in VAT on basic food products (believed by 81% of respondents). And 10% of consumers believe that a “price ceiling” should be established on products.

Source link