ECONOMY

Consumers resort to spending cuts on all fronts

Consumers resort to spending cuts on all fronts

Greeks have been forced to cut down significantly on their daily spending as they are unable to meet the challenge of the major price hikes, not only in energy but also in basic goods and services.

A survey Focus Bari – YouGov conducted this month shows seven out of 10 Greeks have reduced the consumption of basic commodities, such as electricity (75%) and car fuel (70%), while 73% said they have cut their grocery expenditure, with 69% cutting down on food and drink.

Five out of nine people (56%) say they reduced their heating oil consumption and their spending on apparel, and 22% have completely stopped spending on entertainment.