ECONOMY

Consumers to spend 34% less this Xmas

consumers-to-spend-34-less-this-xmas

Consumers are set to spend an average of 34% less this festive season, which practically means that a third of Christmas turnover will be lost this year, according to a survey conducted by the Association of Business and Retail Sales of Greece (SELPE).

It found that 73% of respondents expect a reduction in their Christmas spending, with only 5% expecting to spend more this year. Most of those planning to spend less (39% of the total) estimate that the drop will amount to more than 50%, and 14% of respondents plan to spend nothing this Christmas. More than half (55%) say they will not spend more than 100 euros this holiday season.

Based on the answers compiled, the survey concludes that the average amount that will be spent this Christmas season will come to €128 per person.

The reduced spending is attributed to the limited choices available in terms of ways of making purchases and to the uncertainty many consumers are feeling about their financial state.

Worse, only 12% believe the crisis will last till mid-2021, while 24% said it will take the whole 2021 and 64% answered that the crisis will last even longer.