Greek consumers preferred to spend their money on vacations this summer, instead of consumer products, Vassilis Korkidis, President of Piraeus Chamber of Commerce and Industry, said in an interview with public broadcaster ERT regarding the course of the summer sales.
“While the overall picture of retail trade is improving with a slight upward trend, after about two years of downward trend, unfortunately this is not the case in many commercial sectors and most very small and medium-sized retail businesses. According to the latest data from IOBE and while the sales period is coming to an end, turnover seems lower compared to the same period last year,” emphasized the president of the Chamber.
The performance of stores during the summer sales is negative, and it cannot be reversed with almost a week left until the end of August. This year’s sales highlighted the deficit in disposable income, reduced purchasing power, fewer spontaneous purchases and the drop in per capita consumption, which is 19% below the European average.
This year’s turnover is estimated to be lower by up to 20%, while consumer confidence expectations record the lowest performance in the last nine months.
Consumers’ forecasts for the financial situation of their households over the next 12 months seem to be deteriorating, with almost 60% fearing or expecting a slight or noticeable deterioration, that is, an assessment that, in addition to current ones, will also affect their future purchases.
Korkidis noted that the summer sales did not manage to function as an “antidote” to inflation, which continues to seriously concern households and negatively affect the Greek market.
