Political turbulence and economic crisis aren’t the only factors bringing about change in consumers’ spending habits. The emergence of a middle class in developing markets and advances in digital technology are introducing new shopping behaviors.
A survey named “Navigating the New Consumer realities” has been conducted by the Boston Consulting Group,which has been tracking four of the most important developments in the consumer industry: the increasing relevance of new markets, changing shopper demographics, the rise of new shopping channels—especially the Internet—and, finally, trading up and down and the shift from conspicuous to “conscientious” consumption.
The survey was conducted in March 2011 and based on interviews of almost 25,000 consumers in 21 countries around the world.It brings hard data on these new realities and their impact across markets and categories.
According to the survey, Greeks anxious about their future and of their plans to severely tighten their household budget, as the unemployment rate has reached 15.8 percent and more painful wage cuts have been implemented.
To cope with a reduced household budget, seven out of 10 Greek consumers said they intend to shop at discount stores more often and buy more products that have been marked down. In order to deal with the associated anxiety and stress, Greeks prefer to spend time with family and friends; only three out of 10 replied that they would go out, seeking distraction outside of the home.
The three main reasons explaining their decision to reduce spending are the following:1) Greeks expect to be earning less in salary pay, 2)They are worried that they or another household member will lose their job, 3)They need to pay off existing credit lines.
The survey results also revealed that the economic crisis has affected the outlook of Greek consumers more than in any other country.
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