2024-07-12 10:13:37
Holidays are an expensive affair for Greeks. According to ELSTAT data, the holiday package is 12.7% more expensive this year compared to last year and the hotels are 12% more expensive. The ferry tickets for a family of 4 and a car for Kos, without cabin, amount to 750 euros.
Vacations are a midsummer night’s dream this year for a large portion of Greeks, as the high prices of services and vacation packages make it almost prohibitive for some to plan leisure trips even to nearby and relatively more economical destinations. Costs remain high for Greek households, many of whom are cutting back on spending, not only on vacations and travel, but also on essential items such as food.
This is reflected in a survey by IELKA (Consumer Goods Retail Research Institute), according to which 1 in 2 consumers declares that they will not take a vacation this year. The same research captures another trend: the limitation of vacations. 32% state that they will take vacations, but these will be fewer days.
The revaluations in categories of services and products directly connected to the summer getaways of Greek travelers are also reflected by data from ELSTAT that record the course of inflation in June 2024. Indicatively, in June 2024 compared to the corresponding month last year, increases of 19.7% are recorded on plane tickets, while the holiday package appears more expensive by 12.7%. As far as hotels are concerned, prices are 12% higher compared to last year, while the focus of price increases is still food, and especially olive oil, whose prices compared to last June increased by almost 55%. At the same time, according to data from ELSTAT, prices in the “restaurants – pastry shops – cafes – canteens” category increased by 5.1%.
According to data from the Association of Passenger Shipping Companies (SEEN), although ticket price increases are zero compared to last year and the year before, the cost is high for a Greek family and in some cases even unapproachable.
In an IELKA survey, 50% stated that this year they will not take any vacations at all and 32% that they will take fewer days compared to last year.
A salary in tickets
It is characteristic that in order for a family of four to go with an I.X. from Piraeus to Rhodes with return (without cabin) you need a total of 845 euros. For the same family, the cost of going from Piraeus to Kos by conventional ferry reaches 382.5 euros, while if the return cost is also calculated, the total amount amounts to 765 euros (economic position), i.e. it exceeds the net minimum wage in Greece . Correspondingly high or even higher, depending on how early the reservation is made, the cost of air transportation for a family of four is also formed.
As far as accommodation is concerned, based on indicative prices on various booking platforms (Booking, Trivago), a family of four will need for a four-person accommodation of decent standards on the islands of the Cyclades or Dodecanese at least between 250 and 300 euros per day . Thus, the cost of staying a family for five days on an island reaches or even exceeds 1,250 euros. In total, he will need to allocate more than 2,000 euros for the ferry tickets and accommodation. Of course, it goes without saying that additional costs are required for daily expenses and feeding.
The reduced disposable income due to price increases, combined with the increased costs of tickets and accommodation, is the main reason why Greek households cut spending on their summer holidays. According to the IELKA survey carried out during the week of June 23-29, 2024, more than 4 out of 10 say that their spending on holidays compared to last year will be reduced by more than 50%, while a total of 6 out of 10 agree that they will reduce it . The reasons are increased ticket costs (50%), increased accommodation costs (48%), increased fuel costs (37%), and catering costs (33%).
Cuts in food
Many consumers are cutting back this year not only on basic services but also on basic items, such as food. Thus, 71% of consumers (up from 75% in 2023) who participated in the survey declare that they have canceled entertainment expenses, such as catering, vacations, travel, etc. However, beyond these expenses – which, especially for low incomes, are even considered a luxury – 55% (from 54% in 2023) state that they have reduced overall purchases of food and groceries. Finally, 1 in 2 states that they have postponed maintenance or repair work (e.g. at home or on the car), while 27% (from 32% in 2023) have postponed paying their bills or stopped paying . As last year, this year almost 3 out of 10 Greeks turn to their savings for their purchases, while in order to be able to meet their daily obligations, there are not a few who also work a second job. According to the IELKA survey, 16% (against 17% in 2024) declare that they have increased their working time or found a second job in order to be able to increase their income. Finally, monetary expenditure is still – albeit at a reduced rate – a key selection criterion when consumers shop for food, followed by quality.
Source kathimerini.gr
Miss Conti