The annual survey of the Research Institute of Retail Consumer Goods (IELKA), taking a sample of 2,000 consumers throughout Greece, showed that the economic recession has changed the consumer habits of the Greek people. The Greek consumer is now spending quite a bit of time searching for good deals before actually making a purchase.
According to the survey’s data, Greece’s consumers for 2012 and for a part of 2013 were mostly interested in reducing lavish purchases. Having achieved these reductions, Greeks are now trying to save money with smart solutions. People who chase deals, price compare, visit more stores, make more frequent visits, in addition to only buying the necessities, are achieving their money-saving goals.
According to the survey, the vast majority (86 percent) of Greece’s consumers are on the lookout for better deals on brand name products more than they used to in the past. They are now also comparing prices between products more often.
Moreover, in order to reduce expenses, three out of four consumers have reduced their purchases, mostly avoiding luxury products and opting to buy necessities instead.
On the other hand, an increasing amount of consumers (67 percent) chose the most economical solution offered by major supermarket chains, thus increasing the sale of private label supermarket products.
Last but not least, there has been a decrease in the fast food market. More specifically, 77 percent of consumers state that they have stopped eating out and are cooking at home instead, resulting in an increase in their food purchases.