Survey: Six out of ten Greeks “barely cope”

5 November 2018
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The everyday lives of Greeks have not changed much since the country exited the bailout program last August, according to a new survey by the Foundation for Economic and Industrial Research (IOBE).

IOBE is an independent research organization, established in 1975 with the purpose of promoting research on current problems and prospects of the Greek economy.

According to the survey, 62 percent of Greek consumers say that they “barely cope”.

11 percent of the respondents reveal that they are forced to dig into their savings in order to meet everyday needs.

More than eight out of ten (82 percent) say that they will not be able to save a single euro over the next 12 months. Only 13 percent of respondents consider that saving in the next 12 months is likely and 1 percent consider it very likely.

Improved consumer confidence

When asked whether they will spend more or less on consumer goods, 41 percent of respondents said that they expect to spend less or much less in the next 12 months. Only 8 percent expects to increase their consumer spending.

IOBE points out, however, that there is an improvement in consumer confidence since September, where, in the same survey, 58 percent of respondents said that they expect to spend less or much less in the next 12 months.

According to the survey, consumers are particularly cautious about spending on house-buying or renovation and purchasing a new car.

For the overwhelming majority of consumers (95.5 percent), a car purchase in the next 12 months seems extremely unlikely.

Even smaller is the percentage of those who are thinking of buying or building a home in the next year: Just 1.9 percent say they intend to do so. However, 10.9 percent are thinking of spending an amount to renovate and improve their home.

According to IOBE, “the country is out of an adjustment program and the continuing downturn in unemployment is considered to be the main driver of consumer confidence.”

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