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Crisis changes the Greeks

24 September 2011 / 13:09:02  GRReporter
3344 reads

The global economic crisis has the greatest impact in Greece, now officially confirmed.

A study of The Boston Consulting Group (BCG) shows that Greeks were influenced by the crisis more than other nations and there have been drastic changes in consumer behavior.

Now there is greater domestic consumption, purchases focus on commodities such as fresh food, dairy products, baby clothes, there is public acceptance of home made products, and at the same time Internet is used to find a bargain purchase.

It has been noted that private consumption has always been a key parameter of GDP in Greece and despite it overall decrease it corresponds to 76% of the generated income.

As stated in the study of The Boston Consulting Group, the crisis has caused changes not only in the consumer behavior, but also in the basic values, which if understood by the business can show the possibilities, hidden behind the new harsh reality.

According to Vassilis Andoniadis, head of BCG in Athens, the survey results in five major business opportunities in Greece.

* First, the new situation in consumption with greater emphasis and increase in the domestic consumption with family and friends.

* Second, use of the attitude of consumers to spend more under certain conditions and for specific product categories (fresh food, dairy products, baby clothes, etc.). Also essential prove to be goods and services that offer the consumer a better result or a significant technical difference.

* Third, the immediate and practical adjustment of the consumers to th main trend to spend less. Consumers look for the best prices and feel satisfied when they find them.

* Fourth, the coordination of communication with the right order of values. "Savings, Health and my purchases should be worth my money" is at the top of the list of consumer values.

* Finally, the "smart" use of the internet and social networks provide competitive advantage to those who can properly take advantage of it.

The survey was conducted between March and April 2011 simultaneously in 21 countries where respondents were nearly 25,000 consumers and for the first time it includes also Greece with 800 participants.

The study compares the behavior of the average consumer in the respective country and outlines interesting similarities and important differences.

The study, entitled "Navigation among new consumer data" was presented at a special forum organized by the Hellenic-American Chamber of Commerce.

In his welcome speech, the President of the Hellenic-American Chamber of Commerce Yanos Gramatidis stressed on the need to adapt the business to the new situation of our time and especially to the needs of consumers.

"Greek society, said Mr. Gramatidis, suffered heavy shocks from a structural in nature crisis and therefore changes in business philosophy should also be structural, and by renewing the relationship of the market with the consumer."

In the event also took part the executive director of BCG in Athens Camilla Egloff-Gika, the Executive Director of the Athenian Brewery SA Jacques Van Herpen, the CEO FrieslandCampina Grigoris Sklikas, the Executive Director of the Greek branch of Procter & Gable, Robert Van Papelendam and the Retail Banking Director at the National Bank of Greece Andreas Atanasopoulos.

Tags: The Boston Consulting Group research consumer behavior Hellenic-American Chamber of Commerce
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