Retail trade chains are expected to close the year with losses of over 10 percent and an overall reduction in turnover of 18 billion euros, the National Confederation of Greek Merchants (ESEE) said on Thursday.

Thus, ESEE said, the estimated losses to the state in VAT revenues from the chains' turnover reduction are 2 billion euros from the automobile branch, 1.4 billion euros from retail trade and 2.5 billion euros from wholesale trade.

ESEE, citing recent surveys of Greek and foreign companies, said that 9 in 10 consumers have cut their spending for clothing and footwear, as well as expenditure for nights out. Also, 8 in 10 consumers have cut spending for household goods and entertainment, and also state that their buying power has been substantially reduced.

Further, 1 in 4 Greeks state that they do not have enough money to meet their basic needs, while 2 in four use what remains of their incomes to repay loans and credit card bills, and one in four tries to put some money aside in fear of losing their job.

ESEE also said that 1 in 4 Greeks are living under the poverty level, another 1 in four on the margins of poverty level, and two in four are living off money that as already been set aside, adding that in all cases there is no cash left over to spend on the market, resulting in the small and medium size Greek enterprises having literally "dried up" and at risk of folding.

ESEE said that the Greek households have changed their living and spending habits, with all family expenditures -- from the purchase of staple goods from supermarkets to utility bills, loans, rent, school expenses and heating oil -- undergoing small or bigger cuts.

Regarding food purchases, there has been a large shift to inexpensive private label goods and to items on special sale, while outlets and malls are also preferred for clothing and footwear purchases due to the large discounts they offer year-round, and a significant increase has been noted in on-line purchases via the internet at lower prices than purchases from an actual shop. Also, item and goods swaps via the internet have also appeared in Greek society, for items that were discarded in the past.