from Minyanville:
Over the weekend, Athens newspaper
Kathimerini ran a headline reading: “Alcohol and fast food are first to go for Greek consumers.”
Quoting a recent study by the Boston Consulting Group, Kathimerini reports 58% of Greeks “are planning to reduce their food budget,” beginning with spirits (70% of respondents), beer (71% of respondents), and fast food (71% of respondents).
According to BCG, “more Greeks today are spending what little they have left on the absolute essentials, such as dairy and fresh produce, and displaying a consumer behavior pattern that is usually associated with lower-income groups.”
However, the shift in personal spending habits could very well enrich the Greek populace in other, non-material ways. .......(more)
The complete piece is at:
http://www.minyanville.com/businessmarkets/articles/the-economy-in-greece-austerity-greece/7/26/2011/id/35945?camp=featuredslidealso&medium=home&from=minyanville