Summer holidays… never and forever, as the popular song of Nikos Karvelas says for every second Greek. This conclusion was reached, at least, including the Research Institute for Retail Consumer Goods (IELKA) about the new consumption habits of households in Greece as a result of price increases.

However, even those who go on vacation, in a significant percentage of cases (1 in 3) say they will spend less money compared to previous years. In addition, 6 out of 10 consumers say their spending this year will be lower than last year, and 4 out of 10 say they will be cut by more than 50%.

As IELKA points out, these data mainly show bad buyer psychology and secondarily realistic forecasts.

From the latest IELKA survey (conducted between May 6-10, 2023), the following important changes in consumer habits emerge, indicating that the decline in inflation may have begun, but the effects on households are more lasting.

The main findings are as follows:

• 75% (up from 71% in January) of respondents say they have eliminated spending on entertainment such as meals, vacations, travel, etc.

• 49% (up from 50% in January) says it has postponed maintenance and repair work, i.e. at home or in the car.

• 54% (up from 55% in January) says overall food and groceries purchases have declined.

• 27% (up from 24% in January) say they used money from their savings to cover their purchases.

• 32% (up from 29% in January) has delayed paying bills or stopped paying its obligations.

• 17% (compared to 11% in January) say they have extended their working hours or found a second job to increase their income.

• 49% (up from 40% in January) announces a change in product brand.

In fact, it is worth noting that only 9% of respondents took absolutely no action to combat inflationary pressures.

With over half of consumers saying they have cut back on food and supermarket shopping overall, it’s no coincidence that price has become a key factor influencing decision making. If in previous years the percentage of the buying public who bought according to the main criterion of money was about 30% and at the same level as the quality criteria, today this percentage exceeds 60%. In January 2023, it reached 69%, and in May 2023 – 66%.