Declining retail sales, job troubles

FMCG retail sales hit a 2-year nadir in Greece: value sales dropped 5 percent and volume sales diminished by 4 percent in Q4 2014. These indicators are the worse in the 21 European countries audited. It is noteworthy that in Greece the average price of FMCG products has been lowering for years. In Q4 2014 Nielsen registered another 1-percent decrease in prices (like-for-like) – this was the biggest price drop in the examined countries. In the last three months of 2014 78 percent of Greek consumers (this is the biggest proportion in Europe) changed their spending habits in order to economise; 76 percent cut down on out of home entertainment and 72 percent switched to cheaper groceries. In Europe 59 percent of consumers changed their habits to spend less and 52 percent started buying cheaper groceries than before. In Greece the consumer confidence index hit a low in Q4 2012 with 35 points. By Q4 2014 the index climbed back to 53 points, which was the sixth lowest rate in the examined countries. In comparison: Hungary was at 54 points, the European average was 76 points and the global average was 96 points. Only 12 percent of Greeks see their job prospects more or less positively (in this respect the European average is 28 percent)