“Image” isn’t just about an expensive watch, a new car, or dinner at a well-known restaurant. It’s how you get around, where you have your coffee, how often you go out, what you wear, and whether you have access to health and beauty services. Or whether you can afford an activity for your child or a short getaway without it hitting your wallet “hard.”
In Greece, there is no index for the cost of status or lifestyle, as there is in many other countries abroad, in the EU and the U.S. For this reason, the calculations were based on ELSTAT data. According to the Family Budget Survey, the top 20% of the population has an average monthly equivalent consumption expenditure of 2,337 euros per person, excluding family members and children.
The average amount of 2,227 euros is double that of the immediately preceding quintile (the wealthiest 80%). In that quintile, the corresponding average per capita expenditure amounts to 1,138 euros. The difference of approximately 1,200 euros per month reflects the additional cost required to sustain the consumption pattern of the top 20%.
These are expenses that allow a person to move comfortably within their “circle,” following the consumption patterns, habits, activities, and corresponding expenses. It is also the additional amount one must pay for the home in which they live, the quality of their daily life, the services they use, and, overall, the standard of living they can maintain.
No one becomes “somebody” just by buying an expensive suit or a luxury car. One’s image is shaped by the totality of everyday choices, and this is evident in the differing weight that various expenses carry among the poorer and wealthier segments of the population. In the highest income brackets, certain expenses are considered essential (necessary), whereas in poorer segments they are viewed as unnecessary or a luxury.
The total monthly expenditure of 2,337 euros does not pertain to a single category of expenses. It includes all consumer expenditures that make up the standard of living of the top 20% of the population, ranging from housing, food, and energy to transportation, dining out, health care, education, recreation, clothing, and personal care.
| How much does it cost to move up a “step”? |
|---|
| Consumer spending levels for the two highest income brackets of the population | Monthly spending (€) | Additional spending compared to the previous level (€) |
|---|
| 4th quintile (From the 60th to the 80th percentile) | 1,138 | +281 |
| 5th quintile (from the 80th percentile to the top 20%) | 2,337 | +1,199 |
| Source: ELSTAT, Household Budget Survey. Analysis: Euro2day.gr. |
These expenses do not always signify vanity, but rather mandatory costs associated with the professional and social environment in which one operates and moves. Some even refer to it as “the cost of work.” Just as overalls are a work tool for a plumber and a white coat along with a stethoscope are for a doctor, so too do certain consumer choices form part of one’s daily professional and social presence.
How the Calculation Is Made
The estimate of the cost of a high standard of living is based on data from ELSTAT. These figures are taken into account as average monthly equivalent consumer expenditures per quintile. They are then compared to the expenditure structure of the top 20% of the population.
The reference point is the actual consumption pattern of the top quintile, not some theoretical basket of goods. The difference of approximately 1,200 euros compared to the immediately preceding level is derived from an analysis of available ELSTAT data, in order to estimate the additional cost required to move up to the next level of consumption.
The table shows how this amount is broken down by major expenditure category.
The cost of the “image” per person
Without a family or children |
|---|
| Expenditure category | Monthly expenditure (€) |
|---|
| Transportation | 397 |
| Restaurants, cafes, hotels | 304 |
| Health | 236 |
| Leisure and culture | 157 |
| Clothing and Footwear | 119 |
| Personal Care and Miscellaneous | 112 |
| Education | 82 |
| Total expenses most closely related to lifestyle | 1,407 |
| Other expenses supporting a high standard of living (housing, food, energy, communications, household equipment, etc.) | 930 |
| Total monthly equivalent expenditure (top 20%) | 2,337 |
Lifestyle Indices
Abroad, there are already indices that attempt to measure the cost of an affluent lifestyle. The best known is Julius Baer’s Lifestyle Index, which compares the cost of maintaining a high standard of living in major cities around the world.
The index does not measure the general cost of living. It includes goods and services that characterize the daily lives of affluent households, such as transportation, travel, restaurants, private education, health services, and other expenses that make up a specific lifestyle.
Greece does not participate in a corresponding international ranking. However, data from ELSTAT allow for the development of a Greek version of such an index, based on the actual expenditures of Greek households.
Transportation
The largest individual cost category for the “picture” and for the wealthiest 20% of the population in Greece relates to transportation. This includes not only cars, but also fuel, maintenance, taxis, public transportation, and travel that are an integral part of professional and social life.
Dining
Next come restaurants, cafes, and hotels. This isn’t just about entertainment, but also about business meetings, social obligations, short getaways, and activities that are part of everyday social life.
Health
Spending on health and appearance is also significant. It is not enough to simply be healthy; one must also look healthy, radiant, and youthful. This includes private medical visits, diagnostic tests, medications, and services that ensure faster access and a greater sense of security.
Leisure and Culture
Books, movies, theater, concerts, sports activities, and memberships are also part of the consumption pattern of the top 20%. These are not optional expenses, but elements that shape quality of life.
Education
Education includes foreign languages, tutoring, seminars, and other forms of training, which are increasingly viewed as an investment in professional development.
Clothing and Personal Care
Clothing, footwear, and personal care are the most visible aspects of one’s image, though they are not the most significant in terms of financial burden (relative to total spending). However, they contribute to an overall level of consumption that is not limited solely to outward appearance.
Consumption Pattern
The differences lie not only in the amount of spending but also in its composition. The top 20% spend more in almost all categories, not only because they have higher incomes, but because they follow a different consumption pattern.
The cost of “keeping up appearances” is the sum of many small and large expenses that, together, shape a different lifestyle. Based on an analysis of ELSTAT data, this level corresponds to a total monthly expenditure of 2,337 euros per person, while the additional amount required for someone to move from the immediately preceding level to the top 20% is approximately 1,200 euros per month.