Cost-of-living Crisis Forces Greeks to Slash Vacation Spending

The cost-of-living crisis is forcing Greeks to slash their holiday spending by 15 percent, according to a study released this week by the  Hellenic Retail Business Association (SELPE) in collaboration with ELTRUN, E-Business Research Center of the Athens University of Economics and Business (AUEB).

Greeks are citing reduced salaries and buying power after basic products have increased by as much as 69 percent this year, the high costs of transport and accommodation, up by as much as 38 percent, and the soaring cost of electricity.

According to the study findings, Greeks are looking for cheaper vacation options this year and ways to cut costs including cooking instead of eating out. Indicatively, 45 percent said they plan to cook while on vacation. At the same time, 26 percent said they will go to friends’ homes, 22 percent said they will stay at their own holiday homes, 20 percent said they will stay in rented rooms and 9 percent in hotels, 6 percent said they will go camping, and 6 percent said they will travel abroad.

According to the study, domestic tourism generates 380 million euros with average spending for the purchase of goods during holidays reaching 230 euros. Of that: 118 euros or 51 percent concerns the purchase of foods over and above restaurant costs; 52 euros go to tourism goods such as souvenirs; and 59 euros to other products like clothes, shoes, toys and jewelry.

According to SELPE, despite inflationary pressures, a significant part of the Greek population will go on holidays but spend less. The SELPE study comes after a similar report released by the Institute of Retail Consumer Goods (IELKA), which found that 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.