Summer sales: Optimism for Greek merchants

From Monday 10th July begins a long period of sales (until Wednesday 31st August) suitable for “smart” summer shopping, where consumers with tight family budgets will have the opportunity to choose from a wide variety of consumer goods at low prices, such as states the announcement of the Regional Chamber Council of Attica. At the same time, commercial enterprises will have the opportunity to liquidate seasonal goods with the possibility of “filling their coffers” for current liabilities and debts, to confirm their intention to better serve consumers, but also to prove, with brave discounts and without infringements, the respect of traders towards their customers.

From the 11.8% inflation fluctuated in Greece in 2022 at the start of the summer sales, in 2023 it fell to 2.7% and to 5.5% in the Eurozone. At the same time, the economic climate index has been moving since the beginning of the year much higher than last year at the levels of 110 units, while on the contrary, the relevant indices in the E.U. and the Eurozone worsened further. This June the consumer price index moved at 2.7% on an annual basis, slowing significantly from 4.1% in May. Thus, the summer sale period in July this year is a prime opportunity to further curb inflationary pressures on an annual and monthly basis. The prolonged era of “imported” precision that we are going through, have forced the average Greek family to limit their purchases and drastically change their consumption habits, spending almost 60% of their income on food and housing needs.

Target

According to the announcement, the retail trade, once again, will “put its 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. The aim of the retail trade this summer is for the total turnover of the two months of July-August to move above last year’s threshold of 6 billion euros and to reach 7 billion euros this year. After all, in the retail trade, current sales increased by 9.8%, with the amount of stocks de-escalating, 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 season is to manage as an “antidote” to limit “national inflation” by at least half a unit.

Korkidis: Hopes for greater consumption

The president of president of the Commercial and Trade Chamber of Piraeus and Regional Council of Attica, Vassilis Korkidis, expresses his belief that the commercial world of Attica strongly maintains its optimism and has placed its hopes for greater consumption than last year in the increased tourist flows, during the summer season discounts, where tourists will also be included in the turnover sum with “imported consumption”. It also points out that clothing and footwear, which have priority in the preferences of consumers in regular sales, maintain, since the beginning of the year, a double positive sign with +2% in turnover and +4% in sales volume, confirming a comparatively lower rate of price increase. What is desired is that the significant strengthening of consumer confidence in the market continues in the summer sales period, so that all consumers can “take advantage” of favorable prices and retail businesses can increase their turnover and sales volume. Happy summer with good sales and good shopping!

What to watch out for

According to the Hellenic Confederation of Trade and Entrepreneurship (ESEE), during the sales, in addition to the indication of the old and new reduced price of the goods and services sold at a discount, the indication and commercial communication of the discount percentage is also allowed.

Where a reduced price is provided on more than 60% of all items sold, the demonstration of the discount percentage provided is mandatory. The percentage of the discount should be indicated on the shop window and in any other commercial communication.

In the event that there are different discount rates per product category, the range of the provided rate should be indicated (“from …. % to …. %”). In any other case, it will be stated that the discounts concern selected items with reference to the corresponding percentage.

The way in which the reduced price is calculated and is presented must correspond to the truth and not be inaccurate.

Shopkeepers should, in the event of an audit, be able to prove that the old selling price on the sign corresponds to reality.