They start today, Monday 10/7 the summer sales for stores, while the market aims for a higher turnover from 2022.
The summer sales expire on Thursday, August 31, 2023 and the stores can optionally remain open on Sunday, July 16, 2022, with the opening hours proposed by the Athens Chamber of Commerce, 11:00 – 18:00.
“The summer sale period in July this year is a prime opportunity to further curb inflationary pressures on a yearly and monthly basis” as the president of the Chamber of Commerce and Industry of Piraeus Vassilis Korkidis notes in his statements.
The retail trade, the president emphasizes, will once again “put his back” to overcome high food inflation, with the CPI persisting at 10.4%. “We hope that this year too, the discounted prices will reach and attract consumers, so that they work together, in favor of income and turnover.”
Target of retail tradeas Mr. Korkidis said, for this summer the total turnover of the two months of July-August is to move above last year’s threshold of 6 billion euros and to reach 7 billion euros this year.
After all, he continues, in the retail trade, current sales increased by 9.8%, with the level of stocks decreasing, while the evolution of sales recently shows that they fluctuate steadily at 3.4 billion euros per month. Another goal of this year’s discount period, according to Mr. Korkidis, is to manage as an “antidote” to limit “national inflation” by at least half a unit.
What consumers should be aware of
Businesses should pay particular attention to the following:
According to paragraph 2a of article 15 of Law 4177/2013, as amended by Law 5039/2023, in each price reduction notice the previous price applied by the trader for a specified period of time before the price reduction was applied is indicated.
A price reduction announcement, according to chapter 2 paragraph 8 of the new Code of Ethics on price reduction announcements (YA 35935/13-4-2023), is any announcement by the entrepreneur that he has reduced the price of a product with the following form:
- Either percentage (%), e.g. “20% off”.
- Either a specific amount, e.g. “10 euro discount”.
- Either listing a new (lower) price along with listing the previous (higher) price applied. The previous value can be displayed in a deleted form e.g. “now 50 euros, before 100 euros” or “50 euros 100 euros”.
As a previous price means the lowest price applied by the merchant during the 30-day period prior to the application of the price reduction. When the product has been on the market for less than 30 days, the previous price is the lowest price applied by the merchant during the time the product has been on the market. Where the price is progressively reduced during the 30 days prior to the application of the price reduction, the previous price shall mean the price in effect prior to the application of the first of the successive price reductions.
It has to be shown off special attention in complying with the provisions on discounts and reduced prices, as the penalties are heavy. Specifically, according to article 21 of Law 4177/2013, those who violate the law are subject to a fine of an amount equal to 1% of the annual turnover and in any case not lower than 10,000 euros.
In the aggravating case where the discounts are proven to be inaccurate or misleading, a fine is imposed equal to 2% of the annual turnover and in any case not less than 20,000 euros.
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Analysis of the 2023 Summer Sales
As the summer sales period has kicked off on July 10, 2023, and is set to expire on August 31, 2023, retailers are eyeing a higher turnover than the previous year. According to the president of the Chamber of Commerce and Industry of Piraeus, Vassilis Korkidis, this year’s summer sales are expected to play a significant role in curbing inflationary pressures.
The retail trade is optimistic about the sales, with a target of reaching a total turnover of 7 billion euros for the two months of July-August, surpassing last year’s threshold of 6 billion euros. This goal is ambitious, considering the current sales have already increased by 9.8%, with the level of stocks decreasing. Moreover, the evolution of sales shows a steady fluctuation at 3.4 billion euros per month.
However, the primary objective of this year’s discount period is to manage the national inflation by at least half a unit. This is a significant challenge, given the persistent high food inflation, with the CPI standing at 10.4%. Retailers are relying on the discounted prices to attract consumers and work together in favor of income and turnover.
Key Points to Note
As the summer sales are underway, businesses must pay attention to the following:
* Previous price applications, as stated in paragraph 2a of article 15 of Law 4177/2013, as amended by Law 5039/2023.
Online Sales and Discounts
Meanwhile, online retailers are also participating in the summer sales, with various discounts and promotions available on their websites. For instance, <a href="https://policelifestyle.com/it-it/summersales23-c?srsltid=AfmBOorbu-6iFhZnQfPhhKWUrFVOFvediuctGVIojBzwbIHzEESYvF”>Police Lifestyle is offering exclusive discounts on their summer sales page [[1]]. Similarly, <a href="https://www.feeldesign.com/itIT/summer-sales-2023.html?srsltid=AfmBOor4yqLepjkdPwHZgisrimeng6TuEIe7INq3E26WLI5Dxu0chb1″>Feel Design is offering exceptional promotions on their summer sales page, with a 15% discount on their products for a limited time [[2]].
Private Summer Sales
Private summer sales are also gaining popularity, with exclusive brands offering limited-time discounts. For instance, Federico Tosi is offering a range of discounted products on their private summer sales page, with prices starting from €342 [[3]].
Conclusion
As the summer sales are in full swing, consumers are encouraged to take advantage of the various discounts and promotions available both online and offline. Retailers are optimistic about the sales, with a focus on managing national inflation and achieving higher turnover.
