ECONOMY

Spending on gifts to drop

More than half of Greek consumers are planning to spend less on Christmas presents this year, according to an international survey by the Nielsen research company.

In the European Union, Greece?s 57 percent of consumers who intend to cut their gift spending is second only to Portugal?s 67 percent.

The category of presents that is set to suffer most is apparel, with 52 percent of Greeks saying they will spend less this year on buying clothes as gifts. The equivalent rate in the EU stands at just 28 percent.

Greeks also intend to spend less on electronic items, books, toys and home equipment.

However, the survey found that 3 percent of Greeks are planning to spend more this year on presents.