Greece’s summer sales fall short of expectations amid spending pressures

The summer sales period in Greece comes to an end on Monday, with the market entering the “day after” with lower expectations and an ongoing debate over the role of continuous promotions, amid selective consumer spending and mounting pressure on small and medium-sized businesses.

According to estimates from the retail sector, the indications so far do not leave much room for optimism about a dramatic turnaround in sentiment in the final days of the sales period, despite consumers returning from their August holidays, CE Report quotes ANA-MPA.

Retailers say the market is characterised by selective spending, while disposable income remains the main constraint on purchases of clothing, footwear and other goods.

As the Piraeus Chamber of Commerce and Industry has noted, market data indicate that total turnover during the summer sales is expected to come in at around € 7.0 billion. A particularly strong finish could push the figure towards € 7.1 billion, although the initial optimistic scenario of € 7.4 billion is now considered unlikely.

According to Piraeus trade unions, 55% of businesses reported lower turnover than last year, around 33% reported turnover at similar levels, and just 12% recorded an increase. Meanwhile, 73% attributed the market's weakness primarily to limited purchasing power.

The picture is similarly unfavourable in Athens. Based on a survey of 409 small and medium-sized retail businesses, 71.3% said their turnover was lower than last year.

Photo: Pexels (Free Stock Photos)