Shopping is a luxury: tourists spend a lot on food and tickets, and do not buy clothes

With just a few days left before the end of the summer discount period, most retailers estimate that total turnover for July and August is unlikely to exceed last year's threshold of 7 billion euros.

Retailers are expressing concern as sales since the start of the discount season have fallen far short of expectations. Of course, the final “check” will be on August 31, when the 2024 summer sales end, but signs of collapse are already raising concerns. Even large chains and department stores that “skim the cream” (from retail turnover) by betting on product range and improving the shopping experience are experiencing stagnation.

As Mr. Costas Gerardos, the new President of the Greek Business and Retail Association (SELPE), says, “in terms of sales during the discount period, there are no significant differences in turnover compared to last year“.

On the other hand, according to what Mr. Makis Savvidis, Vice President of the Athens Chamber of Commerce, Greek representative to the European Federation of Electronic Commerce (Ecommerce Europe) and Vice President of the Greek Association of Electronic Commerce (GR.EC.A) said, from the first figures it seems that The summer sales season is negative this year. «We are lagging behind compared to last year.m,” says the expert.

«This was expected… And we did not set such a goal for ourselves, because there is not enough money turnover in the market. Consumers' disposable income fell even more last year due to the increase in the cost of shopping in supermarkets and electricity bills, which led to a significant decrease in purchasing power”he notes.

Although the shopping streets are full of people, there seems to be less money coming into the merchants' coffers. «Greek consumers are shopping, commercial markets are overflowing, but the volume of purchases is down by about 10-15% compared to last year. And with the money running out earlier and earlier each month, the percentage may be even higher.“,” says Mr. Savvidis.However, this figure is not final, as the fund will be formed at the end of the month.“, he adds.

And it is not only Greek consumers who have become more restrained in their spending due to the priority they give to basic needs such as food, energy, fuel and housing. Tourists are also spending less this year.

«Foreign consumption of goods and products is lower than last year” says Mr. Vasilis Korkidis, President of the Piraeus Chamber of Commerce and Industry. “The tourists who arrived had middle and low incomes and spent less per capita, at least on purchases in local stores and in tourist areas. Possible the exception is the historical center of Athensbut even there we saw that no purchases of expensive items were madeeverything was limited to purchasing a few souvenirs and some small stuff. Not like last year“,” he notes.

Mr Savvidis also believes that tourism is lagging behind compared to last year. And this is because, as he explains, “as a country, we are targeting Europeans, who are not the best consumers, since the products available on the Greek market are also available in their countries.”

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