The rising cost of living is forcing Greeks to cut back on summer holidays and cut back on eating out and take other measures to live within their means, Greek media reported on Thursday.
People have not only cut back on their holidays, but also significantly reduced their spending on food and entertainment, with many now preferring to eat at home or order takeaways rather than visit taverns or restaurants.
According to the recent survey, conducted by the Retail Consumer Products Research Institute, a third of Greek consumers believe that food costs are a significant burden on their holiday budget and are therefore cautious when making spending decisions.
The results of the survey show that the downward trend in travel spending that began last year and the soaring prices on the coast have also affected foreign travellers, who now face rising prices.
As a consequence, the restaurant industry is experiencing a decrease in customer flow and activity compared to previous years, including from foreign tourists.
Data released by the Bank of Greece shows a downward trend in spending by foreign tourists. From January to May 2024, revenue from foreign tourists increased by 16.2 per cent to €3.8 billion ($4.15 billion), while foreign tourist arrivals increased by 20.6 per cent.
