Greeks Show Deepening Lack of Consumer Confidence

Greek consumers remain among the most pessimistic in Europe, as confidence weakened further in October amid concerns over rising prices and deteriorating household finances, according to new data from the Foundation for Economic and Industrial Research (IOBE).

The consumer confidence index dropped to –47.6 points in October, from –45.6 the previous month—its lowest level in the European Union. By comparison, Estonia and Romania followed at –30.7 and –30.5, while the EU average stood at –13.5 and the eurozone at –14.2.

Households Struggle to Make Ends Meet

Around 60% of Greek households say they are barely getting by, while 9% report relying on their savings to cover basic needs. Only about one in four say they manage to save anything, and 7% admit to being in debt.

When asked about their financial situation over the past year, 65% said it had worsened, while just 2% saw any improvement. Looking ahead, 58% expect things to get worse in the next 12 months, up from 54% in September.

Inflation Fears Persist

The majority of households—64%—expect prices to continue rising at the same or faster pace, pushing the price expectations index up to +36 points from +34.7 in September. The comparable EU and eurozone figures were +22.5 and +21.9, respectively.

Despite the pessimism, the intention to make major purchases such as furniture or household appliances saw a slight uptick, with the indicator improving to –41.6 from –46.3 points. However, Greeks remain far more cautious than the EU average of –13.8.

Saving Remains Unlikely

The propensity to save fell slightly to –67.5 points, as 84% of households said they do not expect to save any money in the coming year. Across the EU, the figure was much more positive at +9 points.

Housing Market Still Weak

While overall confidence is low, a small number of households—about 2.5%—say they might buy or build a home within the next year. The related index improved slightly to –93.4, but remains far below EU averages (–77.7).

Plans for home renovations or upgrades also declined marginally, with the index slipping to –77.7 from –74.6. Only about 9% of Greek households say such spending is likely in the next 12 months.

Growing Economic Uncertainty

Uncertainty remains high, with nearly 60% of respondents saying it is difficult to predict their household’s financial outlook.

While consumer pessimism in Greece has been persistent for years, the October figures highlight a deepening gap between Greek sentiment and that of the rest of Europe. Rising living costs, stagnant incomes, and limited savings continue to weigh heavily on household confidence—and by extension, on domestic consumption and economic growth.

Source: tovima.com