BUSINESS

Consumer confidence in decline in Q4 of 2016

TAGS: Economy

Consumer confidence in Greece slid three percentage points in the last quarter of 2016 to 53, from 56 in the third quarter, according to the index that Nielsen fields in 63 countries.

This effectively signals a return to 2015, whose last quarter also saw a 53-point reading, and pits Greece among the three most pessimistic countries in the international survey.

Five out of six people polled (84 percent) believe that the country will remain in a state of financial recession in 2017, which is the highest level observed in any of the countries surveyed. Among European states Greeks ranks top in job insecurity, as four out of 10 Greeks are worried about their jobs, followed by concerns regarding the economy (34 percent), household debts (20 percent) and health (19 percent).

Four in five Greeks (80 percent) find themselves constantly trying to reduce their household expenditure, which is far above the European average of 57 percent. The main decisions Greeks have made to cut their spending concern buying cheaper fast-moving consumer goods (72 percent), and reducing spending on out-of-home entertainment (66 percent) and clothing purchases (60 percent).

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