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.