Greek consumers to spend less this Christmas

Greek consumers are planning to cut their Christmas spending by 21 pct this year, sharply up compared with a 2.5 pct decline in European average, a report by Deloitte said on Tuesday.

The report showed that European consumers plan to maintain their spending on food at last year’s level, at the expense of Christmas presents and outdoor entertainment, with the exception of Greeks and Irish consumers who are expected to cut their spending on food and drinks by 56 pct and 43 pct, respectively, this Christmas.
A 73 pct of Greek consumers said they had less money to spend during the holiday season, compared with 2009, with the crisis affecting mostly women’s psychology, who are feeling insecure over their job, income and purchasing power.
Greeks plan to spend 410 euros this Christmas, in constrast with consumers from Ireland and Luxembourg (1,020 and 1,200 euros respectively), while the average European consumer will spend 590 euros, Deloitte said.
The majority of Greek consumers (four out of five) said their Christmas gifts will be mostly usable items, less expensive and focusing on special offers. A 78 pct of Greeks said they will look for gifts ideas through the Internet, with one in 10 planning to make online purchases this Christmas.