“We hope, after the return of consumers from the summer holidays, that the buying movement will develop better until the end of August”, said the president of the Chamber of Commerce and Industry of Piraeus (EBEP) and the Regional Chamber Council of Attica (PESA), Vassilis Korkidis.
“The expectations are high, but we are very cautious about the result”, stressed, for his part, the president of the Athens Chamber of Commerce (ESA), Stavros Kafounis, referring to the conclusions of the survey that the Athens Chamber of Commerce conducts every year after the end of the discount period.
From today’s available data, however, it appears that sales related mainly to retail sectors, which expect a lot from this period, did not move satisfactorily – especially clothing and footwear. A sector that, as market players explain, has the most elastic demand and is the first thing that people will limit their spending, either because of a lack of money or because they will choose holidays as a priority.
“There has undoubtedly been a prioritization of needs due to disposable income, increased spending and different priorities. People want to go out more and go on vacation rather than buy consumer durables,” commented Mr. Korkidis.
The slowdown in turnover is greater than marketers expected, and especially for smaller businesses. A fact that is even more noticeable in areas where there is no intense mobility due to tourism. Even in the tourist areas, however, tourism is not enough to cover the deficit of the Greek consumer.
The decline in turnover is not as steep in larger retailers in city centers and shopping centres.
In any case, the official figures (September 2024) are what will show what the exact data is, as well as where all the companies stand in relation to consumption.
“It is certain that there is a turnover shift in the large chains, department stores and air-conditioned multi-purpose halls, which even declare an increase in their turnover by 7%”, underlined Mr. Korkidis, adding: “The goal remains for the market to turn over this year over the 7 billion euros in the two months of July-August discounts, including food, vehicles and fuel, while if the three categories are removed the retail turnover is estimated at close to 3 billion euros. Our forecast is that we will move approximately at last year’s levels, since, among other things, incoming tourism does not present the same quality characteristics as last year. However, the tourist areas will be the most profitable, as well as the center of the capital, which has become a tourist destination, with at least two overnight stays.”
It is recalled that during last year’s two months of summer sales (July-August), the turnover of the retail trade amounted to 7.1 billion euros in total, together with food, vehicles and fuel, and to 2.8 billion euros without these categories.
What to watch out for the consumers
Consumers should be aware, in relation to their rights regarding the discount period, of the following:
- Each notice of a price reduction must indicate the previous price applied by the trader for a specified period of time prior to the application of the price reduction.
- Previous price means the lowest price applied by the merchant during the 30-day period before the price reduction was applied.
- When the product has been on the market for less than 30 days, the previous price is the lowest price applied by the trader during the time the product has been on the market.
- When the price is reduced, progressively, during the 30 days prior to the application of the price reduction, the previous price is understood to be the price in force before the application of the first of the successive price reductions.
- If the price is progressively reduced during the 60 days prior to the application of the price reduction, the prior price shall be the price in effect prior to the application of the first of the successive price reductions.
- According to article 21 of Law 4177/2013, a fine of no less than 5,000 euros and no more than 3 million euros is imposed on those who violate the law on discounts and reduced prices.
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