EY study: One in three Greeks to spend less on holiday shopping

Greek consumers appear cautious about holiday spending this year, according to the EY Future Consumer Index Greece 2024.

The survey, set for full release in December, found that 36% of participants plan to spend less during the Christmas and New Year holidays compared to last year. Meanwhile, 54% intend to maintain their spending, 4% will increase it and 6% won't shop at all.

The study found that while 26% of 18-29-year-olds plan to cut spending, this rises to 50% for those aged 50-64. Income levels showed a weaker correlation, suggesting reasons beyond financial strain, such as broader caution in spending.

Price remains the dominant factor for Greek consumers (95%), followed by quality (65%) and discounts (55%). Younger shoppers also prioritize brand.

The survey found similar patterns globally amid inflation and economic uncertainty.