Consumers still mostly pessimistic

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Greek consumers appear pessimistic about the future of the national economy and their own personal finances, according to a survey by the Association of Business and Retail Sales of Greece (SELPE).

Consumers expect their disposable income to decline further due to the pandemic, leading to more conservative consumer behavior and further losses for retail commerce, which is already reeling, as well as food service and tourism.

The retail consumer confidence level in December 2020 came to minus 39 points, with only 12% of respondents expecting the country’s economy to improve over the next six to nine months, and an even lower 8% anticipating any improvement in their personal finances.

The survey, conducted with the assistance of ELTRUN, the online commerce laboratory of the Athens University of Economics and Business, also found that more than two in three consumers (70%) spend over 80% of their disposable income every month, and a 9% share of respondents said they spend more than their entire monthly income, which according to the researchers means that they borrow in order to cover their needs

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