June 2018

Population: Adults 18+

Sample: 270 individuals

Collectors: Social media + emails (13-18/4/20)

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Public opinion

the economic consequences from covid-19 pandemic crisis, Greece

April 2020

2

key takeaways

▪ Certainly there is still a high degree of uncertainty on how the

economy and personal financial situation will be post the covid-19

crisis. Full clarity, will not be gained before lockdown is lifted and

gradual return to normal begins

▪ Uncertainty creates worries for the period ahead and for some

segments such worries are quite intense as they are already

experiencing income drops or they feel them at their doorstep

▪ No expectations to return to normal within 6 months with a strong

majority predicting a long lasting recession for more that 12 months

followed by moderate recovery of U-type

▪ All sectors outside basic needs are expected to retract. Some

(tourism, travel, retail, automobiles) will be severely hit as a

consequence of health related risks, but also because people will

take bold initiatives to contain their consumption and spending

▪ Widespread consensus that the covid-19 pandemic will bring many

changes in people’s lives, consumption behaviors and attitudes.

Some imposed by the priority to maintain good health against

ongoing risks, some by the need to adapt to a new financial situation

and some by choice

▪ But…people say changes to their lives will not be too major. The

outcome of hope or of the resistance / fear to change?

3

exploring the answers for the post pandemic period

There is strong consensus in society that many

differences will occur post covid-19 pandemic. In this

survey we focus on noting, measuring and interpreting

public opinion with regard to covid-19 consequences on

the economy and on consumption / spending behaviors

in the post health crisis period.

stongly agree

14%

agree

61%

stongly

agree

38%

agree

50%

After the corona

virus crisis, things

will be different in

the world

When the corona

virus crisis is over,

personal habits

will be changed

4

Q1. Which of the following estimates for the consequences on the Greek

economy, would you agree with?

49%

38%

11%

Long term consequences leading to lasting recession for over 12 months

Temporary consequences for 6-12 months, followed by moderate growth

Short term consequences 3-6 months and then strong growth

-5%

5%

-10%

-3%

18%

7%

-14%

3%0%

-27%

-2%

1%4%

-7%

0%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Private Sector Free lancer Business owner Retired Public sector

Long recession 12m+ Medium recession 6-12m Short recession 3-6m

Deviations from average by

age group

Deviations from average by

profession

▪ 50% suggest a lasting recession for more than 12 months

▪ However there is a strong view of 40% that negative effects will last

for 6-12 months and moderate growth will follow

▪ Only 11% express optimism that a swift strong growth will follow a

short period of negative effects

▪ Age groups 26-35 & 60+ appear more pessimistic, as do free

lancers and public sector employees

▪ Business owners and age group 45-60, highly overlapping, adopt

less pessimistic views, pointing a recession of medium term

followed by moderate / strong growth

The post pandemic period will have a severe

impact on the economy with lasting recession

being the predominant view

Tendency of strong and moderate pessimism

economy related

5

All sectors of the economy are expected to be

affected negatively. However some will suffer a lot

and some will do better

Very important to direct stimulus to those sectors which

will suffer most, especially employment and tourism.

For most of the other sectors, resilience and recovery

look more promising, but no sector will go through the

next 12 months without facing problems

Q2. On the scale of 1(=not at all) to 5(=very negative), what do you

expect the impact on the following sectors to be within the next 12

months?

Please see also Q8 with relevant content

▪ Financial services markets, banking & insurance, with moderate

negative impact

▪ Increase in unemployment or negative effect on employment are

foreseen as a certainty

▪ Retail shops, leisure and entertainment, personal care, real estate

and investments, with negative impact however not catastrophic

▪ Food and technology markets not expected to face problems. The

crisis has raised technology to a “basic” need

▪ Hit on travel / incoming tourism related sectors is predicted to be

very drastic. Outlook also very negative for the automobile market

economy related

6

Q3. Which of the following describes best how I feel now with regard to

my financial situation in the next 6 months?

Intense worries for their financial situation in the

post pandemic period: 2 out of 3

▪ Self employed and business owners share intense worries very close

to average (65%)

▪ Public servants and pensioners express worries of lesser intensity

(-18% deviation from intense worries average)

Intense worries

income related

7

Q4. What has happened to me since confinement measures were applied?

Current impact on income from work : Balanced

outlook

▪ 40% no impact / 40% either see impact already or will see it as

support measures are not expected to last for long and to match

income from work

▪ When excluding public servants & pensioners, the “no income

change” drops by 7pp across all other professions, i.e. 2/3 in the

private sector already see or will soon expect to experience income

drop from their work / practice / business

income related

8

Personal financial recovery expectations: Blurred

▪ 3/10 say impact will be long lasting (>12months)

▪ When the “no change” is excluded, the picture changes drastically.

Almost 5/10 are very pessimistic and 4/10 expect no return to pre-

crisis level sooner than 4 months from now

Q5. When do I expect my financial situation to return to pre-crisis level?

Answers very relevant to those of Q1 (consequences on the economy)

and Q3 (intensity of worries)

income related

9

expenses related

Q6. Within the next 6 months, I expect my personal expenses will increase

/ decrease / stay the same compared to pre-crisis levels

Personal expenses:

Containment expectation is well widespread

▪ answers do not differ across age and profession groups

10

Q7. Within the next 6 months, I intend…

expenses related

Personal expenses :

Own initiatives to contain regular cost of living

▪ 9/10 say they intend to cut on regular costs and 6/10 say such

initiatives will be quite bold

▪ Increase of living expenses / consumption is intended by none

11

expenses related

Personal expenses :

People expect to withdraw from “nice to have” in

order to meet more basic needs

▪ Spending on Travel / leisure / retail will suffer from worsening

financial situation and intention of cost containment

▪ Meeting commitments to banks and insurance retention will suffer

less but not negligibly

▪ Utilities are also in the list for considering difficulties to pay

Q8. Within the next 6 months, which of the following expenses do I

expect I will not be able to meet at pre-crisis level?

Answers very complied to those of Q2 (impact on sectors of the

economy)

12

not at all medium very much

16% 18% 33% 18% 15%

average

Q9. Compared to pre-crisis, at what level has your financial planning been

affected generally?

Financial planning: Very interesting / balanced outlook

▪ A perfect normal distribution depicting the existing different outlooks

▪ All options equally shared by 1/3 (no-moderate / medium / much-

very much)

▪ Impact is clearly not horizontal

general impact

13

Q10. What I generally think of my personal financial situation in the next 12

months

general impact

General financial situation: People are prepared to be

impacted…

▪ However only 20% think such impact will make them change their

lifestyle considerably

▪ Majority (55%) believe there will be such an impact that will allow

return to normal without major changes, but still expect changes to

happen in their lives

▪ A not negligible 13% say “business as usual”

Public opinion

the economic consequences from covid-19 pandemic crisis, Greece

Appendix: Sample details

Age groups

up to 25 6.7%

26-35 8.2%

36-45 24.4%

46-60 42.2%

60+ 18.5%

Professional groups

Unemployed 3.7%

Student 3.3%

Private sector employee 33.0%

Public servant 6.7%

Self employed 25.2%

Business owner 15.2%

Pensioner 9.6%

Other 3.3%

Type of houshold

Live alone 22.7%

Live with parents 7.1%

Live with my companion / spouse 21.2%

Live with family and my chldren 42.8%

Single family 3.7%

Other 2.2%

Financial status

Very weak / often I cannot meet basic needs 0.7%

Weak / some months I cannot support all my expenses 5.2%

Bordeline to meet monthly expenses 22.6%

Good / I comfortably meet my running expenses 58.2%

Very good / I save systematically 13.3%

Source of basic income (>50%)

From my personlay job / work 78.5%

Rents from real estate 4.4%

From accumulated funds 3.7%

From investments 1.1%

From support by others (parents, children etc) 4.4%

From pensions 6.7%

Other 1.1%

Population: Adults 18+

Sample: 270 individuals

Collectors: Social media + emails (13-18/4/20)

June 2018