Significant changes have recently been observed in consumer habits, which are largely attributed to the revaluation of products and services, according to the results of a survey by IELKA (Consumer Retail Research Institute).
The survey was carried out between May 6 and May 10, 2023 in a sample of 1,000 consumers and concerned, among other topics, the effect of price increases on consumption habits in Greece.
More specifically, consumers tend to save money for the purchase of basic goods and services as well as money management.
In general, there is more pressure to reduce spending on basic services and less on basic goods.
75% (compared to 71% in January) of the participants in the survey said that they had avoided entertainment expenses such as dining, vacations, travel, etc.
49% (compared to 50% in January) said that they had postponed maintenance and repair work, e.g. at home or in the car.
54% (compared to 55% in January) said that they had cut back on food and grocery shopping overall.
27% (compared to 24% in January) said that they had used money from their savings to cover their purchases.
32% (compared to 29% in January) said that they had postponed paying bills or stopped paying their obligations.
17% (compared to 11% in January) said that they had increased their working hours or found a second job in order to increase their income.
49% (compared to 40% in January) said that they had changed product brands.
Just 9% of the public said that they had taken no action at all to address inflationary pressures.