Respite for thousands of households is expected to be given by shopping card (market pass) strengthening the purchasing power of citizens in a period of intense inflationary pressures.

Consumer interest is strong and is demonstrated by the fact that a few 24 hours after the launch of the platform, applications for membership in market pass exceed the two million.

Citizens rushed to take advantage of the measure to support their households, in order to cover part of the increased cost of shopping, especially food items, due to the significant increase in the consumer price index.

The origins of the money, according to recent statements by the Deputy Minister of Development and Investments Nikos Papathanasis, will be made on 3rd of March.

“Whoever chooses the intangible card will receive 100% of the amount, in each month that runs. Whoever chooses a deposit to their account will receive the amount reduced by 20% in two installments. On March 3 and May 3,” said Mr. Papathanasis. He also clarified that the program expires at the end of July, but the monthly amount is added up, it is not lost and one can use the market pass until the end of August. “The market pass returns 10% of the purchases of whoever uses it and concerns 85% of our fellow citizens,” he said.

In fact, working in conjunction with the “household basket” – another initiative of the government’s economic staff to combat the effects of price increases – the benefit for consumers will be much greater.

As Mr. Papathanasis emphasized in his statements, “by keeping the price constant, we enable those who want to shop for cheaper products to buy them from the basket. A family of four, if they buy from the basket, it is estimated that they will save around 80 euros per month. He will also receive 52 euros from the shopping card. This makes us 132 euros”.

For the shopping card (market pass) from Friday 24 February applications can also be submitted by the KEPs, while the closing date is until 15 March 2023.

Note that the amount of aid per household amounts to 10% of the monthly amount of purchases, which is set at 220 euros for a single-member household, increased by 100 euros for each additional member of the household with a maximum of 1,000 euros of purchases.

It is noted that the beneficiaries can choose the way they will receive the financial support of the market pass by issuing an immaterial digital card, which they will store on their smart phone and which they will show in their purchases. In this case, the beneficiaries will receive the total amount due to them in five installments (one installment for February and March 2023 and four monthly installments until July 2023). They can also choose direct payment of the subsidy amount to a bank account they will declare, if they do not have a smart device or do not wish to use it in this process. In this case, the beneficiaries will receive 80% of the amount due to them in two quarterly installments.

The amount of money credited to the market pass digital debit card can be used exclusively by the beneficiary to make the purchase of goods of any kind in stores or street markets active in the food retail trade. The total budget of the project amounts to 650 million euros.

The “market pass” program is a measure to support households, with the aim of covering part of the increased cost of shopping, especially food items, due to the significant increase in the consumer price index. It covers the period from February to July 2023.

Positive carriers on the shopping card (market pass)

“Every measure that increases citizens’ income is in the right direction. So we see the market pass positively” says Ioannis Hatzitheodosiou, president, to APE-MBE Professional Chamber of Athens and honorary doctorate PA.PEI.

“However, we cannot ignore the fact that the government has proceeded with its implementation as even this 22 euros per month for the beneficiaries, i.e. 85% of the country’s households, is absolutely necessary, as can be seen from the number of applications . So the point is to create those conditions where society will not depend on financial support through subsidies and we will return to a normality with citizens having an income that will stimulate consumption and small and medium enterprises to progress” emphasizes Mr. Hatzitheodosiou .

“The market pass is an aid to consumers and in this sense it is of course welcome, like any service provided” points out to APE-MPE, George Kavvathas, president GSEVEE. However, he notes that “it cannot compensate for the losses that households have suffered in their incomes due to high inflation. Unfortunately the market pass absorbs only a small part of the inflation and is not the drug but the aspirin to the problem of accuracy.”

He also adds that according to the latter survey on the household income of IME GSEVEE until the measures taken by the government to limit the adverse effects of price appreciation on household incomes, it seems that they were not enough. The financial situation of households worsened significantly in 2022, while expectations for the future show a negative sign, as more than 1 in 2 households estimate that their situation will worsen in 2023 as well. “Given that the percentage of households that it seems to live in conditions of extreme poverty (11.9%) but also the fact that almost 6 out of 10 households stated that they need to make cuts to cover the necessary, the market pass can offer solutions to a very limited extent in dealing with difficult everyday life “, underlines Mr. Kavvathas.

“The allowances partly give a little respite to vulnerable households, who unfortunately live on the edge of poverty. The market pass is an initiative to boost the income of households, which in today’s everyday life with the prolonged accuracy, however, is not a substantial and permanent solution to the continuous revaluation of products” G. Manos, general secretary, states to APE-MPE Industrial Chamber.

As he points out, the monthly shopping limit per household, at 220 euros for a single-member household, increasing by 100 euros for each additional member and up to 1,000 euros of purchases, is not enough for the survival of citizens. “Although we have established that the cost of energy has a downward trajectory, the same is not happening with the prices of raw materials and the prices of food products, on the shelf. The economy requires substantial and far-reaching policies, which will result in sustainable growth rates and the well-being of citizens, as well as ensuring the viability of small and medium-sized businesses,” argues Mr. Manos.