February 21, 2024

Athens News

News in English from Greece

Summer sales are over, but seasonal sales are coming

As the president of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis, said regarding the course of the summer sales, a few days before they ended on August 31, many merchants expressed their intention to continue the action for at least a ten-day period.

“Retailers are trying to make the most of the discount season, with businesses prioritizing inventory liquidation to meet their financial obligations, with many looking to extend seasonal offerings by at least two weeks after regular sales end. Summer sales are initiated in the interests of sellers and consumers. At the very least, it has been proven that this year’s summer sales were able to contain and limit galloping inflation by 0.5%,” Mr. Korkidis said in a statement.

As for domestic consumption, as the president of the Piraeus Chamber of Commerce and Industry stated, 8 out of 10 Greeks, despite large discounts, did not seek to “fork out”, especially in relation to clothing and footwear. Sales decreased by 18%, turnover by 13%.

It should be noted that according to the latest data ΕΛΣΤΑΤ, this year the most popular discount industry, clothing, had the lowest percentage of annual price growth – only 3.4% compared to an inflation rate of 11.6%. According to Mr. Korkidis, only in the segment of cosmetics and household goods a trend of growth in sales was recorded.

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