The first twenty days of Greece’s winter sales period can broadly be characterized by window-shopping, which does not translate into actual transactions, according to TaNea.
Feeling the continued squeeze on household spending, Greeks are only reaching into their pockets to buy essentials or low-cost items.
In fact, many merchants who exceptionally open on the first three Sundays of the sales period observed the slow movement from the first two weekends and chose to stay closed on the third.
The Vice President of the Athens Chamber of Tradesmen said that although there are steep discounts by merchants that are trying to push their stock, consumer traffic has been slow because people do not have money to spare.
Data shows that about half of Greek households have cut spending on clothing, footwear, household goods, furniture and electrical appliances, and this trend is seen extending into 2024.
This is because 4 out of 10 households barely meet the needs of the month and other recent reports show that 7 out of 10 families have had to cut back nonessential spending due to food prices.
If the slow movement at shops during the first 20 days of January is any indication, it seems that the commercial world will miss the mark of at least achieving last year’s levels of turnover of 6 billion euros, which was posted January-February 2022.
Source: tovima.com
Latest News
Eurostat: Greece’s Annual Inflation Rate Drops to 2.3% in May
Eurozone Inflation Climbs to 2.6%
GPO Poll: ND Ahead of SYRIZA by 16.9% Points
Seven parties are considered as exceeding the electoral threshold to send MEPs to Brussels
TIME100: Lamda Development Among Most Influential Companies
The ATHEX-listed developer and mall operator, which holds the concession for the massive Helleniko privatization, is the only Greek company on the Time100 list
2 Athens High Streets Among Europe’s Most Expensive for Rents
High streets rents for Ermou and Voukourestiou streets are calculated at 3,300€ and 2,500€ per square meter, respectively, on an annual basis
Hotel Chamber of Greece Calls for Elevated Status of Tourism on the European Agenda
This emphasis stems from tourism's extensive interconnectivity with various sectors and its significant contribution, amounting to 10% of Europe's Gross Domestic Product
Greece: AADE Introduces Streamlined Digital Platform for Business Closures
Once the verification is complete and conditions are met, the system will approve the definitive cessation of operations
Global Praise and Intl Headlines for Olympiacos FC
From the President of Greece to unexpected 'fireworks' from Google, congratulatory messages pour in from around the globe following Olympiacos' historic win at the UEFA Conference League Final last night
Athens Launches ‘Energy Academy’ to Promote Energy Conservation
The initiative was launched by the City of Athens, in cooperation with its development arm DAEM, in order to train local government officials on how to save energy at municipal buildings and combat energy poverty
Revamping the Greek Tax Administration
To tackle non-compliance effectively, taxpayer profiling, risk assessment, and behavior analysis tools will be utilized, bolstered by extensive data exchanges and international cooperation.
First Round of Smart Meters Installed in Greece
According to reports at OT.gr, the Hellenic Electricity Distribution Network Operator has procured 360,000 units and started installation