Greeks wait for 2-for-1 offers
Many Greek consumers who are looking for ways to reduce their expenses in order to cope with daily basic needs are now moving toward cheaper brands, offers, as well as cutting some purchases.
Inflation has eaten away at a portion of Greek consumers’ income, with 51% saying they have cut out certain purchases altogether in an effort to save money for the next 12 months. The corresponding percentage in other countries worldwide is lower and amounts to 33% on average.
According to a recent international research by Focus Bari titled “How Inflation Affects Purchasing Power and Consumer Habits,” which presents the trends in Greece compared to 18 other countries (France, China, Poland, Spain, UK, Australia, US, Indonesia, United Arab Emirates etc), 62% of Greek consumers, compared to 34% in other countries, choose cheaper brands, while 58% of Greeks, compared to 22% internationally, state that most products they bought were as a two-for-the-price-of-one offer.
An equally high percentage (53%) of the consumers who took part in the survey admitted that they wait for the sales period to come in order to make their purchases (against 35% in the rest of the countries), while five out of 10 have completely abandoned some purchases.
Due to high prices and persistent inflation, especially in food items (led by the price of olive oil), 46% admit to keeping a tight budget, while a considerable 37% say they have switched to lower-quality products.
In contrast, only 15% of respondents in the other countries said they have made corresponding reductions in quality.
It seems that Greek consumers no longer include products that are not basic necessities in their shopping list. Therefore, 35% of consumers have completely stopped shopping for apparel or accessories in the last 12 months, while five out of 10 are waiting for the sales period to come to make such purchases.
At the same time, most Greeks buy beauty products only during sales periods, while 33% have chosen not to purchase them at all.
Greek consumers will continue to be careful with their budget in the next period, the survey has found.
