No Holidays this Year for One in Two Greeks

One in two Greeks will not be able to go on holiday this year due to the cost-of-living crisis, found a study released this week by the Institute of Retail Consumer Goods (IELKA), a non-profit research group.

According to the findings of the study, soaring costs and reduced buying power have taken a toll on consumer activity with 75 percent (up from 71 percent in January) of those polled saying they have reduced spending on entertainment, food and beverages, holidays and travel.

Even among those who said they would be going on vacation this year, one in three said they would be spending less compared to previous years.

Source: IELKA.

At the same time, six in 10 said they would cut spending this year while four in 10 said they would slash spending by as much as 50 percent.

Other key takeaways of the IELKA study conducted on May 6-10 include:

• 49 percent (compared to 50 percent on January) said they had postponed maintenance and repair work at home or for their car
• 54 percent (against 55 percent in January) said they have cut back on food and groceries
• 27 percent (compared to 24 percent in January) said they have turned to their savings to cover purchases
• 32 percent (against 29 percent in January) said they have put off paying bills or other obligations
• 17 percent (compared to 11 percent in January) said they have increased their working hours or found a second job in order to boost their income
• 49 percent (against 40 percent in January) said they have changed brands
• only 9 percent of those polled said they had not taken any action to address inflationary pressures.

According to the IELKA analysts, the findings indicate both a significant change in consumer habits but also that the effects of the cost-of-living crisis on Greek households may be longer-lasting than expected particularly when taking into consideration that more than half of those surveyed said they had reduced spending on basic products at the supermarket.