Greek consumers continued to stand out as the most pessimistic in Europe in October, according to the latest economic sentiment survey from the Foundation for Economic and Industrial Research (IOBE). Consumer confidence slipped slightly to -47.6 points, down from -45.6 in September, reinforcing Greece’s position at the bottom of the EU rankings.
The next most pessimistic consumers are found in Estonia and Romania, but at considerably higher levels of confidence. At the other end of the scale, Malta once again posted a positive score of +4.3.
Across the EU, sentiment remains far brighter, averaging -13.5 points, while the Eurozone registers a similar level at -14.2. In Greece, the survey highlights worsening expectations for both the national economy and household finances, despite a small improvement in willingness to make major purchases such as furniture or appliances.
Greek households view their financial situation over the past year slightly more negatively, and expectations for the coming year have deteriorated sharply. A notable 58% of respondents believe their income will decline, while pessimism about the national economy is even more widespread, with seven in ten anticipating further weakening.
Even with such concerns, consumers appear marginally more inclined to consider big-ticket purchases. However, the appetite for saving continues to erode: 84% of households say it is unlikely they will be able to save in the next year. Anxiety about unemployment has also intensified, with 43% expecting joblessness to rise. Inflation worries remain entrenched, as 64% of respondents foresee price increases continuing at the same or a faster pace.
The survey also sheds light on current household conditions. Those who say they are “just getting by” fell from 65% to 60%, while about one in ten is relying on savings to cover everyday needs. Roughly a quarter report they are managing to save, and 7% say they are in debt.
Looking at the housing market, there was a slight improvement in interest in buying or building a home on a quarterly basis, although sentiment remains extremely subdued. By contrast, plans for home renovation or improvement declined, with only about 9% of households considering such spending in the next year.
