BUSINESS

‘Black Friday’ pared losses for electrical and electronics sales

DIMITRA MANIFAVA

TAGS: Business

“Black Friday,” the discount day in late November that earned significant popularity last year, proved a lifeline for the electrical and electronic goods retail sector in 2016.

Sales last year in the sector came to 1.93 billion euros, posting a 2.9 percent y-o-y decline from 2015. However, the last quarter of the year was virtually unchanged from the same period in 2015, unlike the other three quarters of 2016 when there was a considerable annual decline even though the capital controls in 2015 had been much stricter than last year.

The figures compiled by GfK Temax for the October-December 2016 period showed turnover at 586 million euros, marginally lower than in the 2015. Sales had dropped by 9.5 percent in Q1, by 6.8 percent in Q2 and by 4.4 percent in Q3.

Electronics posted an increase of 4.6 percent in sales in the last quarter of 2016, enjoying a turnover of 111 million euros, which GfK Temax attributes to the Black Friday promotional event on November 25, 2016. Game consoles and TV sets were the appliances that benefited most.

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