Summer sales 2012 start running today, July 16th, and will conclude on August 31st 2012. Amid economic crisis and deep recession, consumers are expecting to make purchases attracted by sharp reductions of up to 70%. Retailers see in the summer sales their only chance for revenues, as the political and economic instability of the last tow months and the tax bills that are currently on the way to millions of Greek households have scared consumers off the shops.
Consumption dramatically dropped since May 2010, when Greece sought the financial aid of the International Monetary Fund.
According to EUROSTAT report, household consumption in Greece slumped in 2011, to 94% of the EU average of 18,000 euros ($22,847) from 101% in 2010.
The average Greek has sharply cut household spending, limiting it to basic goods.
According to National Federation of Greek Trade (ESEE), 280,000 trade enterprises give work to 693,663 people. However the economic crisis of the last two years caused 60,000 businesses to close down and eliminating 143,563 work places.
The ESEE criticizes the Troika visit to Athens during this years summer sales, stressing that every troika visit has a direct and negative effect on the consumption and the trade as it scares the Greek consumer.
“Every Troika visit to evaluate the Greek progress ended in new painful austerity measures. Every Troika visit in the years 2010-2012 caused revenues to drop at occasion by 3% to 11%. The 12 visits in the years 2010-2012 caused a total revenues loss of more than 2 billion euro.”
Here you will find the diagram of revenue loses for the Greek Trade as recorded during each separate Troika visit.
Greece traders ave great expectations at these summer sales, as they are considered to be a relief “breath amid the deepest economic crisis” and call the Consumers to trust commercial enterprises and avoid purchases at the black market.
PS A conscious consumer has always checked and compared prices before the sales.
