NEWS

Greeks pull purse strings tighter

Most consumers spend less than 50 euros when visiting the supermarket due to falling incomes despite the fact that prices have dropped, according to a new study by the Athens University of Economics and Business (AUEB).

The AUEB study found that the average outlay at the supermarket this year was 46.8 euros, compared to 53.1 euros last year, a reduction of 11.8 percent. The average Greek family spends 262 euros per month on groceries compared to 347 euros in 2010, which accounts for some 1,000 euros less per year, the same study found.

Meanwhile a study by the travel website TripAdvisor found that 46 percent of Greeks said they cut back on restaurants, nightlife and buying clothes to save up for vacations.

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