One in two Greek consumers plans to shop then
One in two Greek consumers (50%) plan to shop on Black Friday, Friday November 29 and the following Cyber Monday on December 2, according to the first findings of Ernst Young’s Future Consumer Index Greece 2024 survey, which is expected to be presented in its entirety in December.
It is noted that the survey, which is carried out on an annual basis in Greece from 2021 in collaboration with MRB, in the context of the corresponding global series of EY surveys, monitors the trends, preferences and concerns of consumers, in the fluid environment of high inflation and economic uncertainty of recent years.
According to the research, the willingness to buy is linked to income criteria and the price of the products, as among the five typologies of consumers monitored by the research, 62% of those who attach primary importance to the price and affordability of the products (Affordability First) state that they don’t intend to buy anything.
Young people aged 18-29 (65%) – and especially students (69%) – and secondarily the 40-49 age group (54%) are more willing. The presence of children in the family also seems to be decisive, with the percentages of those intending to make purchases being higher among those with minor children (60%).
Despite the reluctance of consumers to proceed with purchases, it is clear that they attach importance to the offers made during this period. Thus, of those who said they plan to make purchases, nearly four in five survey participants (79%) said they are postponing some shopping until Black Friday and Cyber Monday.
Commenting on consumer shopping intentions during BlackFriday and Cyber Monday, Thanos Mavros, Partner at EY Greece and Head of EY’s Retail Sector in South East Europe, said: “Although consumers in Greece are now familiar with big discount events like BlackFriday and Cyber Monday, economic uncertainty and high prices are making consumers wary, just like the rest of the world.
Retail and consumer goods businesses will have to adapt their strategic moves to the new data. There are many global best practices that businesses in Greece could learn from – among others, leveraging real-time consumer data with the help of artificial intelligence for demand sensing and formulating personalized offers based on preferences; as well as the use of dynamic pricing algorithms to monitor the course of competition prices and readjust them in real time.”
