Three in four employed Greeks have lost part of their income in the last year, 1 in 3 indicates a further reduction of their income in the last three months and 4 in 10 employed Greeks fear a further decrease in their income in the next three months. This has resulted in a significant reduction in the purchasing power of working people, which leads to large cuts, even in basic necessities such as food.
A survey conducted by the INE/GSEE Observatory on Economic and Social Developments in collaboration with ALCO recorded the deteriorating economic situation of Greece and the spending power of employed people compared to the previous year. The survey, which was conducted nationwide on a sample of 1,100 employed Greeks, reflects their consumption patterns, the criteria that define them, their evolution over time and consumption traits in the category of vacation purchases.
The cost reduction appears greater for less educated men and women working in the private sector, ages 35-44 years with income between 800 and 1,001 euros.
According to survey data, this development has led employed people to cut spending in the categories of goods they deem necessary and significant decreases in all other categories. As a result, most working people consume what they can afford and not what they want.
As a result of this situation, most employed people in Greece are changing their vacation habits. Only 38% of employed Greeks will be able to afford a vacation this summer.
In the last year, 22% of employees lost their ability to afford summer vacation, while 24% will have to spend fewer days on holiday, compared to last year and 59% of employees will take the same time as last year. More than half of Greek employees stated they would be going to spend their vacation in their own home or the house of a relative, because only 18% of Greek employees can afford to pay for accommodation and even then they are opting for something cheaper, for example rented rooms or camping.