Consumer spending

Summer has come and it is expected to be the hottest one yet. But if you thought you could get through it by living off of ice cream, think again!

The successive crises widened inequalities in Greek society and hampered retail businesses, particularly smaller ones, leaving them stagnant and with limited growth prospects.

According to the data, Greeks rank last in per capita income purchasing power, coupled with the sixth-highest indirect tax burden in the European Union

The squeeze on household spending means Greeks are only reaching into their pockets for absolute necessities and low cost items

Plumbers, doctors, lawyers, taxi operators, merchants, car repair shops and kiosks must provide customers with the ability to pay via their mobile phones

As Stavros Kafounis, the president of the Athens Chamber of Commerce, points out, retail – excluding the sectors of food, automobiles, and fuels – "achieved" the target of 11 billion euros set for the sales of the fourth quarter of 2023, with store owners expressing satisfaction

Furthermore, the "household baskets" that the government invented to supposedly check market prices have not been effective in controlling revaluations.

Notably, branded baby formula in Greece exhibited a substantial price difference of 167% to 213% compared to the lowest prices identified in Finland and Sweden

It's essential to note that the price range reflects variations in product quality, encompassing diverse local markets and different types of stores. Moreover, the reported prices serve as indicators, attempting to outline the general price distribution and market overview

The stable income of consumers has significantly dwindled, compelling the majority to adopt "smart shopping" strategies to save money

Cyber Monday rounds out the kick-off week to holiday shopping, which started with Black Friday

The holiday sale season kicks off in Greece today with Black Friday sales, followed by an exceptional operation of stores on Sunday and Cyber Monday

As shops and consumers gear up for the holiday shopping season, the market launches Black Friday and Cyber Monday deals while consumers are urged to be cautious of fraud