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Greek consumers appear restrained when it comes to shopping during this year’s holiday season, according to findings from EY’s major Future Consumer Index Greece 2024 retail survey, which is expected to be presented in its entirety in December.
Specifically, in a related question, one in three survey participants (36%) stated that they intend to spend less money during the festive period of Christmas and New Year, compared to last year. More than half of respondents (54%) said they would spend about the same, while 4% would spend more and 6% would not shop.
The survey, which is carried out annually in Greece from 2021 in collaboration with MRB, as part of EY’s corresponding global survey series, monitors consumer trends, preferences and concerns, in the fluid environment of high inflation and economic uncertainty of recent years for retail.
Retail and holiday shopping
Holiday shopping intent is directly linked to consumer age, with just 26% of respondents aged 18-29 saying they will spend less or not at all, while this percentage doubles in the 50-64 age group (50%). A looser link appears with income criteria, possibly suggesting that reluctance to buy is not just due to high prices and a squeeze on disposable income.
The mood for reduced or zero purchases during this year’s holiday season in Greece is formed at exactly the same level in the typologies of consumers who attach primary importance to the price and affordability of products (Affordability First), but also the impact of their purchasing choices on society (Society First), reaching 50% in both categories.
Participants in the retail survey were also asked about the most important criteria on which to make their purchases during the holiday season. Price emerges, by far, as the most important criterion (95%), followed by quality (65%). Consumers, and especially older ones, also attach importance to whether the product is on sale (55%), while for 28% of consumers aged 18-29, the brand of the product is also important. Less importance is attached to personalization (16%), online reviews from other consumers (15%), ease of return or exchange (10%), and flexibility and delivery options (8%).
What is true worldwide
Accordingly, globally, according to the latest data from the EY Holiday Shopping Survey, nearly two-thirds of the 13,000 surveyed consumers (64%) are wary of holiday sales, while 45% are skeptical about their affordability to allocate money for this period.
Commenting on the intentions of Greek consumers regarding purchases during the festive season, according to the survey, Mr. Thanos Mavros, Partner at EY Greece and Head of Retail at EY in South East Europe, said: “There is no doubt that global economic and geopolitical uncertainty is affecting the mood for shopping during the festive season, as evidenced by the importance Greeks attach to consumers on product prices. However, we observe the same on a global level, highlighting a more general conscious shift of consumers towards more moderate purchasing behavior, looking for the best quality at the best possible value.”
Source: ot.gr
#Christmas #Greeks #spend
How do concerns about the Greek economy specifically, beyond general global economic trends, influence the consumer sentiment observed in the EY survey?
## World Today News – Interview with Experts on Greek Consumer Sentiment During the Holidays
**Introduction:**
Welcome to World Today News. Today, we’re discussing the findings of EY’s Future Consumer Index Greece 2024 retail survey, focusing on Greek consumers’ spending intentions during the upcoming holiday season. Joining us today are two experts:
* **Mr. [Guest 1 Name & Title]** - An economist specializing in consumer behavior and retail trends.
* **Ms. [Guest 2 Name & Title]** - A market research analyst with expertise in Greek consumer psychology.
**Section 1: The Austere Holiday Season**
**(Interviewer)** The EY survey paints a picture of Greek consumers being rather reserved about holiday spending this year. Mr. [Guest 1 Name], what are some of the key factors driving this restraint? Is it simply due to economic hardship, or are there other forces at play?
**(Mr. [Guest 1 Name])**
**(Interviewer):** Ms. [Guest 2 Name], how do you see this reluctance playing out in terms of consumer choices? Are we seeing a shift towards discounted items, or are people opting out of certain purchases altogether?
**(Ms. [Guest 2 Name])**
**Section 2: Generational Divide and Purchasing Priorities**
**(Interviewer):** The survey highlights a notable difference in spending intentions between younger and older demographics. Ms. [Guest 2 Name], what might explain this disparity?
**(Ms. [Guest 2 Name])**
**(Interviewer):** Interestingly, price emerges as the dominant factor influencing holiday purchases, with brand losing its shine, especially among younger consumers. Mr. [Guest 1 Name], does this signal a broader trend towards value consciousness in today’s market?
**(Mr. [Guest 1 Name])**
**Section 3: Global Context and the Conscious Consumer**
**(Interviewer):** EY’s global survey reveals a similar trend of cautious spending among consumers worldwide. Is this a reflection of a global economic downturn, or are we witnessing a more profound shift towards mindful consumption?
**(Ms. [Guest 2 Name])**
**(Interviewer):** Mr. [Guest 1 Name], how do you see this trend evolving in the long term? Will price always reign supreme, or might other factors like sustainability and ethical sourcing start to influence consumer choices more significantly?
**(Mr. [Guest 1 Name])**
**Conclusion:**
**(Interviewer):** Thank you both for providing such valuable insights into the evolving landscape of consumer behavior. While Greek consumers, like their global counterparts, are displaying prudence during this holiday season, the factors driving this trend are complex and multifaceted. It will be interesting to observe how these trends continue to evolve in the coming years.
**(Ending)**
