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A piece of research of consumer psychology conducted by “The Boston Consulting Group” shows significant changes in the behaviour of Greek consumers.

According to its results, 52% of Greeks still consider shopping fun, the majority of them being representatives of the younger generation and women. In addition, Greek consumers like expressing themselves through the brands of the products they buy more than other nations, because they believe that brands are a sign of personal merits.

About 50% of Greek consumers consider the best those brands that have been on the market for a long time and 45% state that if they like a product, they remain loyal to it whereas over 40% recommend it to friends and acquaintances. At the same time, the research shows that Greek consumers respect companies developing social activities more than other nations as 50% of respondents state that they prefer products that are in support of various social purposes or are related to environmental issues.

An important part of the research conducted by “The Boston Consulting Group” is the different hierarchy of consumer values registered over the past three years of severe recession. The recent data show that the Greeks rank goods and services related to health and family higher than the goods that were a priority in the past.

Today the five most important things to them are health, calmness, family, education and stability, leaving in the background thriftiness, ease and good life. By comparison, ease, health, calmness, environment and good life occupied the first five places in 2012 and thriftiness, good life, joy, calmness and the home in 2011.

In terms of cost planning the research by “The Boston Consulting Group” shows that Greek consumers are going to reduce costs in the future but this percentage is lower (55%) compared to 2012 (68%).

Greek consumers intend to spend less but their costs will be more focused than in previous periods. In particular, 83% of respondents state that they are going to reduce their spending on less important goods and 66% declare that they will not impose restrictions on goods that they consider essential, such as fresh food, dairy produce and baby food. However, they are going to reduce their spending on food in restaurants and fast food restaurants.

A considerable number of respondents state that they will reduce their spending on mobile communications and the purchase of jewellery whereas very few consumers indicate that they are going to reduce their spending on children's clothing, health and sports.

At the same time, the research conducted by “The Boston Consulting Group” assesses the recent trends in consumption, including online consumption through electronic devices, which is still limited in Greece compared to other countries, although it is an important tool in the process of shopping, mainly for the younger generation.

According to the results, the Greeks are not yet accustomed to online shopping, lagging behind other nations. The majority of Greeks use the Internet primarily to buy airline tickets, appliances and clothing. Very few of them buy food, alcoholic beverages, vitamins and household goods online. The research also indicates that Greek consumers rarely use the available online tools to research the market compared to other developed countries, mainly relying on traditional sources. However, the data show that there are signs of development of online shopping, as the younger generation is technically informed, uses a variety of devices to access the Internet and is active on social networks.

Conclusions

The research of the psychology of Greek consumers conducted by “The Boston Consulting Group” indicates certain opportunities for the companies that operate in the field of trade. Although the situation in Greece is very difficult due to the ongoing recession, there is cautious optimism for the future and especially for the next generation, which is a positive message that the market can accept.

In connection with the different behaviour of Greek consumers due to the crisis, the company stresses the need for improved and innovative advertising of products in order to stimulate consumption. As noted in the research, companies can achieve a positive result by creating a pleasant atmosphere for customers and reward loyal customers by building a circle of supporters and bilateral channels of communication, as well as by linking their products with activities of a social nature.

Regarding the new hierarchy of values of Greek consumers, the results indicate that the goods and services that are related to values ​​such as health, calmness, family, education and stability will continue to be a priority for Greek consumers. Therefore, if companies want to be more effective, they must seek to promote these values through their goods.

In terms of cost planning, the fact that a smaller percentage of Greeks plan to reduce costs in comparison with 2012 is a very positive message to the market that needs to adapt to the new target consumer spending.
 
The research shows how important it is to focus on the causes of consumption of each product by demonstrating its quality as well as other characteristics such as uniformity and craftsmanship. At the same time, companies could link their products to categories of goods that are resistant to the crisis, such as fresh food and goods for children, in order for them to stimulate consumption.