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Economy

EY: Changes in the Behaviour and Expectations of Greek Consumers After the Pandemic

ATHENS — Greeks are more pessimistic than consumers in other countries in their assessments of when the fear of a pandemic will stop affecting their way of life. At the same time, they are in a hurry to return to a degree of normalcy and believe that they are more prepared than consumers in other countries to resume a series of activities that had been suspended, to a greater or lesser extent, due to the pandemic.

However, 59 percent of Greeks estimate that fear of the pandemic will continue for more than a year. These conclusions emerge, among others, from the "Future Consumer Index Greece 2021" survey conducted by EY Greece. The survey was conducted in collaboration with MRB, on a sample of Greek consumers, between April 9-15.

The effects of the pandemic seem to worry Greeks more than consumers in other countries covered by the EY global survey, with concerns focusing mainly on its impact on the Greek economy (77 pct) and society (66 pct) as well as the ability to enjoy their lives freely (71 pct), followed by the effects on their personal financial situation (56 pct) and family health (53 pct).

Given the prevailing concern about the impact of the pandemic on the economy, Greek consumers say they spend less today (60 pct) and buy only what they need (43 pct), while the price of products and services has become by far the most important market criterion (67 pct). This trend is not expected to change in the near future, as the price will remain, by far, the most important criterion for markets for the next three years (79 pct). For the majority of products, Greeks will continue to spend in the future the same as during the pandemic period, while, in cases where costs may change, they will decrease.

However, in this climate of uncertainty about the future, many consumers say they are willing to pay more for products with specific features. These include products produced in Greece (34 pct), high-quality products (30 pct) and products that promise comfort, practicality and convenience (29 pct).

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