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Economy

Greek consumers to spend less in H1 2021, survey says

A 70 pct of consumers spend more than 80 pct of their available income on a monthly basis, while a 9.0 pct spend more than 100 pct – practically borrowing somehow to cover its needs, a survey by the Association of Business and Retail Sales of Greece (HRBA) said on Tuesday.

The survey, conducted on a sample of 916 consumers in December 2020, showed that consumer sentiment remained negative in the last six months, with low expectations for the next six-month period.

The survey showed that spending on product purchases represented around 31 pct of total spending. The main category of purchases was food/beverage (49 pct up from 41 pct in 2019), followed by restaurant (5.0 pct from 12 pct) and tickets/hotels (1.0 pct from 5.0 pct). On the other hand, electrical/electronics grew to 15 pct from 7.0 pct in 2019, reflecting Black Friday sales.

A 44 pct of consumers expect spending on consumer goods to be lower in the first half of 2021, with only 10 pct expecting higher spending. A 30 pct of consumers expect a decline in spending on services while an 18 pct an increase; higher spending is also expected in fixed spending (bills and taxation).

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