Rising Food Costs Impact Greek Holiday Spending
As the cost of festive meals in Greece continues to soar, many consumers are opting for more affordable options this holiday season. A recent EY study reveals that the average cost of a Christmas meal has surged by 30% over the past three years, reaching 114 euros in 2024, prompting 54% of respondents to plan their spending carefully.With 90% of consumers feeling the pinch of rising prices, many are prioritizing budget-kind groceries over quality, leading to a notable shift in dietary habits. The Research Institute of Consumer Goods Retail (IELKA) reports a decline in the consumption of pricier meats like beef and lamb,while cheaper alternatives like chicken are on the rise. This trend reflects the ongoing economic challenges faced by households, as they navigate the increasing costs of essential food items amidst a backdrop of inflation and financial strain.
Households in Greece are facing a meaningful increase in grocery expenditures, with 2023 figures showing a rise to 21.6 billion euros, compared to 22.1 billion euros in 2009. the latest IELKA survey reveals that the poorest 20% of the population now allocates 33.8% of their household budget to food, a stark contrast to just 13.5% for the wealthiest. Essential items like bread and pasta have seen price hikes of 66% and 23% respectively since 2009, while spending on cheaper meats like pork and chicken has risen. In contrast, consumption of fresh fruits and vegetables is declining, raising concerns about the future of the Mediterranean diet in Greece as families adapt to soaring prices and changing dietary habits.
Rising Demand for Takeaway Meals in Greece
The Greek catering market is experiencing a significant surge, with a nearly 40% increase in ready meals and delivery services in 2023 compared to the previous year, according to the IELKA survey. This trend mirrors global shifts towards convenience dining, driven by demanding work schedules and recent labour reforms that have extended working hours. As Greek workers now clock in an average of 39.9 hours weekly—more then any other EU nation—many are opting for swift meal solutions. Additionally,spending on alcoholic beverages has risen sharply,indicating a preference for home consumption over dining out. Though, these changes in eating habits raise concerns about nutritional quality, as households might potentially be sacrificing essential fruits and vegetables for convenience, perhaps impacting health and well-being.