A slight deterioration in the consumer climate, with low expectations for consumers in the next six months, was recorded in the 9th survey of consumer trends in retail trade carried out by the Association of Retail Businesses (SELPE), with the support of ELTRUN Research Centre of the Athens University of Economics and Business.
Based on the survey, 1 in 2 consumers said that they would reduce their spending on purchasing products in the next six months.
The survey was conducted in the period December 3-6, 2023 on a sample of 950 consumers.According to SELPE, the results of the survey recorded a consumer public under pressure, in a transitional stage, with the main concern being the inflationary pressures on products in Greece’s retail market.
Low expectations for consumers
The retail consumer sentiment index stood at -52 in December 2023. This was attributed to the expectations of consumers for the near future, as well as the current situation of consumers.
Accordingly, spending expectations were down, but mostly related to non-retail spending. 49% of participants estimated that spending on utility bills would be increased in the first half of 2024 while 43% estimated that spending on product purchases would be reduced in the same period. 60% of participants estimated that taxation would remain unchanged, 12% that it would show a decrease and 28% an increase.
In general terms, the data shows that consumers expect a decrease in spending to meet their basic needs and a small increase in entertainment spending while expressing concern over other fixed expenses.
