Soaring costs compel Greeks to shorten vacations, cut dining out: Survey
1/3 of Greek consumers consider dining costs to be major burden on their vacation budget, exercise caution when making spending decisions, says Retail Consumer Goods Research Institute survey
Polychrono Beach in Chalkidiki, Greece
ATHENS
Soaring living costs have forced Greeks to shorten their summer vacations and cut back on dining out, among other measures to live within their means, local media reported on Thursday.
People have not only shortened their stays but also significantly reduced their spending on dining out and entertainment, with many now preferring to eat at home or order takeout instead of visiting taverns or restaurants, the daily To Vima reported, citing a recent survey.
According to the findings of the survey conducted by the Retail Consumer Goods Research Institute, one-third of Greek consumers consider dining costs to be a significant burden on their vacation budget and thus exercise caution when making spending decisions.
The survey findings show that the trend of decreasing travel expenditures, which began last year, and soaring coasts have also impacted foreign tourists, who are now dealing with rising prices.
Consequently, the restaurant industry is experiencing a decline in customer flow and activity compared to previous years, including from foreign tourists.
Data released by the Bank of Greece demonstrated a downward trend in foreign tourist expenses.
From January to May 2024, travel receipts from foreign tourists soared by 16.2% and reached €3.8 billion ($4.15 billion), while incoming foreign tourists increased by 20.6%.
