July 19, 2024

Athens News

News in English from Greece

High prices: every second Greek will not go on holiday this year

Only one in two people will go on holiday in the summer of 2024 due to increased costs for tickets and accommodation.

These are the conclusions drawn from the latest study by the Research Institute for Consumer Retailing (IELKA) on the impact of price increases on Greeks’ consumption habits.

Every third person says they will take a holiday, but a shorter one. At the same time, 6 in 10 say their expenses will be reduced this year compared to last year, and 4 in 10 say they will be reduced by more than 50%. The main reasons are a decrease in disposable income due to rising prices, but mainly an increase in the cost of tickets (50%) and accommodation (48%).

In particular, in Recently, there have been significant changes in consumer habits in various behavioral areas, which are largely explained by rising prices for products and services. First of all, there is a clear tendency for consumers to save money on the purchase of essential goods and services and, secondly, on capital management (putting money aside “in reserve” and not spending it). In particular:

  • 71% (versus 75% in 2023) of the population say they have canceled entertainment expenses such as food, vacations, travel, etc.
  • 55% (up from 54% in 2023) say they have reduced their food purchases overall (or are choosing cheaper alternatives).
  • 49% (up from 48% in 2023) of the population say they have postponed maintenance and repair work, such as on their home or car.
  • 42% (versus 49% in 2024) say they have changed product brands (in favor of cheaper ones).
  • 27% say they used money from their savings to cover their needs.
  • 27% (versus 32% in 2024) have delayed paying bills or stopped paying obligations.
  • 16% (up from 17% in 2024) say they have increased their working hours or found a second job to increase their income.
  • Only 3% of the population say they have taken no action at all to combat inflationary pressures.

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