“Image” is not only the expensive watch, the new car, or dinner at a well-known restaurant. It is how you get around, where you have a coffee, how often you go out, what you wear, whether you have access to health and appearance services. Or whether you can pay for an activity for your child or a short getaway, without it weighing “heavily” on your pocket.
In Greece there is no index for the cost of status or lifestyle, as in many other countries abroad, in the EU and the US. For this reason, the calculations were based on ELSTAT. Based on the data from the Household Budget Survey, the top 20% of the population records an average monthly equivalent consumer expenditure of 2,337 euros per person, without family and children.
The average amount of 2,227 euros is double that of the immediately preceding quintile (the richest 80%). There, the corresponding average per capita expenditure amounts to 1,138 euros. The difference of about 1,200 euros per month reflects the additional cost required to support the consumption pattern of the top 20%.
These are expenses that allow someone to move comfortably within their “circle”, following the consumption patterns, habits, activities, and corresponding costs. It is also the additional amount that someone must pay for the home they live in, the quality of daily life, the services they use and, overall, for the standard of living that you can support.
No one becomes “somebody” by buying only an expensive suit or a luxury car. Image is shaped by the totality of everyday choices, and this is evident from the different weight various expenses have between poorer and richer segments of the population. In the higher segments, some expenses are considered basic (mandatory), whereas in poorer segments they are considered unnecessary or a luxury.
The total monthly expenditure of 2,337 euros does not concern only one category of expenses. It includes the full range of consumer spending that makes up the living standard of the top 20% of the population, from housing, food and energy to transport, dining out, health, education, recreation, clothing and personal care.
| How much it costs to move up a “step” |
|---|
| Level of consumer expenditure for the two highest income brackets of the population | Monthly expenditure (€) | Additional expenditure from the previous level (€) |
|---|
| 4th quintile (From 60% to 80% higher) | 1.138 | +281 |
| 5th quintile (from 80% to the top 20%) | 2.337 | +1.199 |
| Source: ELSTAT, Household Budget Survey. Processing: Euro2day.gr. |
These expenses do not always mean vanity, but mandatory spending for the professional and social environment in which one is active and moves. Some even call it “cost of work”. Just as overalls are a work tool for a plumber and the white coat together with the stethoscope for a doctor, so too certain consumer choices are part of daily professional and social presence.
How the bill is calculated
The approach to the cost of a high lifestyle is based on ELSTAT data. These are taken into account as average monthly equivalent consumer expenditures per quintile. They are then compared with the structure of expenditures of the top 20% of the population.
The point of reference is the actual consumption pattern of the top quintile and not some theoretical basket of goods. The difference of about 1,200 euros compared with the immediately preceding level arises from processing the available ELSTAT data, in order to approximate the additional cost required for the transition to the highest level of consumption.
The table shows how this amount is distributed by main expenditure category.
The cost of “image” per person
Without family and children |
|---|
| Expenditure category | Monthly expenditure (€) |
|---|
| Transport | 397 |
| Restaurants, cafés, hotels | 304 |
| Health | 236 |
| Recreation and culture | 157 |
| Clothing and footwear | 119 |
| Personal care and other | 112 |
| Education | 82 |
| Total expenses more closely linked to lifestyle | 1.407 |
| Other expenses supporting the 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 affluent living. The best known is the Lifestyle Index of Julius Baer, 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 life of affluent households, such as transport, travel, restaurants, private education, health services and other expenses that make up a specific way of life.
Greece does not participate in a corresponding international ranking. However, ELSTAT data make it possible to approximate a Greek version of such an index, based on the actual expenditures of Greek households.
Transport
The largest individual cost category for “image” and for the richest 20% of the population in Greece concerns transport. It does not include only the car, but fuel, maintenance, taxis, means of transport and travel that are an integral part of professional and social life.
Dining out
Next come restaurants, cafés and hotels. This is not only about entertainment, but also about business meetings, social obligations, short getaways and activities that are part of everyday social presence.
Health
Spending on health and appearance is also significant. It is not enough to have health; it must also show, with radiance and youthfulness. It includes private medical visits, diagnostic tests, medicines and services that ensure faster access and a greater sense of security.
Recreation and culture
Books, cinema, theater, concerts, sports activities and subscriptions are also part of the consumption pattern of the top 20%. They 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 treated as an investment in professional advancement.
Clothing and personal care
Clothing, footwear and personal care are the most visible aspects of image, without however being the most important in financial weight (in relation to total expenditure). It does, however, come to be added to an overall level of consumption that is not exhausted only in outward appearance.
Consumption pattern
The differences are found not only in the level of expenditure but also in their composition. The top 20% consumes more in almost all categories, not only because it has a higher income, but because it follows a different consumption pattern.
The cost of “image” is the sum of many small and large expenses that, together, shape a different way of life. Based on the processing 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% approaches 1,200 euros per month.