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“Summer Sales Down 30%,” Says Greek Commerce Confederation

Reductions down to even 70% did not manage to tempt Greek consumers to put their hands in their pockets and spend money taking advantage of summer sales. How could they? It’s the fifth recession year and 72 upcoming additional austerity cuts in pensions, wages and allowances are scaring to commerce-death the average Greek household.

 A significant decrease of some 30% in commercial traffic during “Summer Sales 2012” were registered by the National Confederation of Greek Commerce (ESEE).  According to estimates by the Institute for Trade and Services of ESEE, decrease of  turnover of this year’s summer sales in retail trade reached 4.4 billion euro nationwide. Only in Greek capital Athens, the decrease ranged between 30% and 50%.

Compared with 2010, the decline in turnover reached 36.4% in summer 2012.

“Such turnover losses translate into “padlocks” for many retail shops and loss of revenues for pension funds, growing unemployment, insecurity and despair,” said the Greek Commerce Confederation.

 

 

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2 comments

  1. Solve this riddle: Income has dropped dramatically, demand has plummeted. But prices have gone up!
    These sales figures just show that those sale-prices do not even come near to the prices at which costumers in Greece could start thinking about spending again. Every rule in the book is broken. Or better: strangled by all the rules and crazy regulations here.
    Just read one ‘nice’ example. About baby formula. This Spring the monopoly of the pharmacist was broken and the stuff could be sold in supermarkets too. Lot’s of people cried wolf. It would be more expensive and especially would get out of reach of the less well off. I won’t even go into the discussion if baby-formula should be allowed in a country at all. But after this liberalization the prices dropped by a massive 25%. Ofcourse, the Counsel of State declared the measure illegal… What’s new. Government appealed and we are now waiting for that decision. In the mean time that same Government is stating that if the decision is again against them they will change the law… Something they should have done in the first place. But nobody apparently bothered to look at the law BEFORE the decree… Again, what’s new.
    Vested interests, rules and regulations only for the in-crowd. And we keep on paying those crazy prizes…

  2. very true1 vetted interests, law and decisions written in standing. Til the baby formula issue is legally solved, babies are grown enough to join the army.