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GreekReporter.comBusinessBasic Necessities and Luxury Goods Purchases Show Increase

Basic Necessities and Luxury Goods Purchases Show Increase

luxury-goodsGreeks have already suffered through seven days of capital controls, imposed after the government’s decision to call a referendum. The controls prohibit citizens from withdrawing more than 60 euros per day and making any transactions with foreign companies and bodies. The situations has caused the first signs of irregularity in the Greek market.
Merchants are finding that consumers are not only buying the basic necessities and durables, but they are also looking for luxury goods. This is because consumers want to reduce their bank accounts balance in an attempt to diminish the risk of a potential haircut.
Therefore, apart from meat, pasta, milk, legumes and toiletries, which are the consumers’ first choices in supermarkets, the purchases of jewelry, new technology, telecommunication products and even furniture have also increased significantly.
Meanwhile, several companies have already suspended their operation, or limited their production, providing no supply to supermarkets. Furthermore, many city center shops have closed down.
According to market suppliers, if the Bank of Greece and the country’s Finance Ministry do not take care of the necessary bureaucratic procedures, then the Greek market shortages will increase between Wednesday and Thursday. If the issue is resolved, then the suppliers will be able to feed the market on Sunday and Monday (July 12 and 13). People working in the Greek market are hoping that the recent development will have a positive outcome since the shortages in raw materials are expected to cause significant problems in the near future.

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