Greek Consumers Cut Alcohol, Fast Food as Austerity Bites

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

fast food workers get laid off, so those workers cannot buy stuff, bars lose customers, and lay people off..distributors have smaller orders and they lay people off,, and so it goes..right along the chain.

Places in financial disarray are notoriously UNattractive to travelers who may want to go elsewhere rather than arrive into "disquiet" on the streets..