Despite the generous offers reaching up to 70%, the first results for the Summer Sales are disappointed. Consumers’ favorite seem to be rather the window shopping than the real deals. According to estimations of the Greek Association of Retail Sales, chain stores are in turnover decline of 10%-15%, while small stores record losses of 25% in the average. The Association shows to understand the consumers’ reluctant behaviour as Greeks will be forced to make new contributions to the Tax Office in August. Many employees showed their income decline already in July due to new tax hikes.
The National Confederation of Greek Commerce (ESEE) has sent a letter to the Minister of Development, warning of the ” imminent collapse of the market”.
August is traditionally THE holiday month, so I do bet that Greeks prefer to spend some money for a week holiday than to buy clothes and shoes or house wear. With such austerity and uncertainty about our economic future it is understandable we’ll go around with our last years clothes. Next year, they might even have holes. So far the holes are in our pockets with direct link to the Finance Ministry and our national lenders.
