Half of Greek household to skip vacation this summer due to rising costs: Survey
Significant rises in accommodation, transportation costs led to this state of affairs, says Institute of Retail Market Research
File Photo
ATHENS
Half of Greek household will skip vacation this summer owing to rising costs, local media reported on Thursday.
Citing a recent survey by the Institute of Retail Market Research, daily To Vima said soaring transportation and accommodation prices and months of hardship led to this state of affairs.
One in three households are scaling back their holiday plans, it added.
Furthermore, six out of 10 consumers foresee reducing their spending this year compared to last, with four out of 10 expecting cutbacks of over 50%.
According to the survey, price is currently the main factor determining culinary choices, with quality ranked far lower, as more and more people find themselves obliged to limit their food expenditures.
Due to dire financial straits, 55% of consumers reduced their overall grocery and household item purchases, while 49% postponed spending on maintenance and repairs.
In addition, 42% switched to cheaper brands, and 16% increased their work hours or took on second jobs to boost their income.
Only about 3% of respondents said they hadn’t taken any measures to tackle the country’s cost of living crisis, the survey said.
