Amid the implementation of new austerity measures and a bleak economic outlook heading into the new year, Greek families will decrease this holiday season’s spending the most compared to other European families, according to a survey conducted by professional services firm Deloitte, Reuters reports.
The survey found that Greek families intend to spend 8.63% less than they did during last year’s Christmas, which brings down average spending to 402 euros per family. Russian families are to make the second biggest reduction with a 6.96% averaging 217 euros, while Portuguese families will spend 315 euros on average, signifying a 5.55% decrease from last year.
European families will scale back their expenses this holiday season by a 0.28% average, in comparison to last year’s 3% cut down, which amounts to a 513 euro family spending average. Among the countries that will increase their spending are the United Kingdom, France, Germany, Spain, and Denmark. France’s positive results are particularly surprising, according to Reuters.
“French consumers are becoming more optimistic. Driven by improving morale, the French plan to spend a little more this year for Christmas,” Reuters quote Stephane Rimbeuf, Deloitte Associate in charge of Consumer Business, as saying.
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