Retail sales in the first two months of the year were down some half a billion euros on the same period in 2017, as households were left with less spending money after their Christmas shopping and purchases made during the Black Friday promotional event at the end of November.
According to a survey conducted by the Hellenic Confederation of Commerce and Enterprises (ESEE), retail turnover declined this past January and February by 8.8 percent compared to 2017. In absolute figures, this reduction translates into the loss of 484 million euros, with turnover up until Wednesday amounting to 5.02 billion, against 5.5 billion in January-February 2017.
In certain areas of the country the drop in sales turnover in the first two months of the year reached up to 40 percent, while out of Greece’s 65 traders’ associations, only one reported an increase from last year. In the cities of Athens and Thessaloniki, sales declined between 11 and 20 percent year-on-year.
The ESEE survey showed that one in three enterprises offered discounts of between 21 and 40 percent, while two out of five offered discounts in excess of 40 percent.