EY: One out of three plans to spend less money than last Christmas and New Year’s

One of the three participants in the survey (36%) said he intends to spend less money on Christmas and New Year’s, compared to last year, based on the research of EY, Future Consumer Index Greece 2024. More than half the respondents (54%) said they would spend about the same money, while 4% would spend more and 6% would not buy. According to the survey, Greek consumers appear moderate in terms of markets during this year’s festive season. The survey, which has been carried out annually in Greece since 2021 in cooperation with MRB, in the context of the corresponding global series of research by the EU, monitors trends, preferences and consumer concerns in the fluid environment of high inflation and economic uncertainty in recent years. The intention for festive markets is directly linked to the age of consumers, as only 26% of respondents aged 18 – 29 said they would spend less or no more, while this percentage is doubled in the age group 50 – 64 (50%). A more relaxed connection to income criteria appears, suggesting, possibly, that the reluctance to buy is not only due to high prices and the compression of disposable income. The mood for reduced or zero markets during this year’s festive season in Greece is shaped at exactly the same level in consumer typology that attaches primary importance to the price and accessibility of products (Affordability First), but also the impact of their purchasing choices on society (Society First), touching 50% in both categories. Research participants were also asked about the most important criteria on the basis of which they will make their purchases during the festive season. The value is shown by difference as the most important criterion (95%) followed by quality (65%). Consumers, and especially older ages, also attach importance to whether the product is on offer (55%), while for 28% of consumers 18-29 years of age the brand/brand of the product is also important. Smaller importance is attributed to individualization (16%), online reviews by other consumers (15%), ease of return or change (10%), as well as flexibility and delivery options (8%). Accordingly, globally, according to the latest data from the EY Holiday Shopping Survey survey, nearly two thirds of the 13,000 respondents (64%) are cautious about the holiday discounts, while 45% say skeptical about their financial ability to make money available for this period. Commenting on the Greek consumers’ intentions regarding markets during the festive period, according to the survey, Mr. Thanos Mavros, Partner of EY Greece and Head of the European Retail Sector in Southeast Europe, said: “There is no doubt that global economic and geopolitical uncertainty affects the disposal of markets during the festive period, as confirmed by the importance that Greek consumers attach to product prices. The same, however, is observed worldwide, highlighting a more general conscious shift of consumers towards more moderate purchasing behaviour, seeking the best quality at best possible value.”