Retail business data for May points to a decline in consumption despite an increase in turnover, per figures released by the Hellenic Statistical Authority (ELSTAT) on Tuesday.
RETAIL
Greek consumers spent approximately €35 billion on online purchases in 2023, with the largest portion – €17.5 billion – going towards physical goods. Of this amount, €10.7 billion was allocated to travel expenses (including bookings, tickets, etc.), while the remainder was spent on services. These figures are based on Nexi’s Ecommerce Survey report on Greece.
The fall in sales in the business sector in the first quarter of the year by 1.6% is due to the negative effect of the comparison base with the highly volatile year of 2023 and conceals the real positive sales momentum, which amounts to 3% excluding inflation, the National Bank maintains in a study by its Economic Analysis Directorate.
The turnover of organized food retailing in the first half of 2024 increased by 3.4% from the same period last year, according to the latest market data from NielsenIQ.
Local market’s oligopolies and consumer habits contribute to high prices, BoG study finds.
There is no end to some online stores’ efforts to defraud consumers, luring them with branded products at very low prices and accumulating large orders without ever fulfilling them.
Stores will be open on Sunday as part of summer sales that began this week.
The summer sales season officially commenced this Monday and will extend through Saturday, August 31. According to current legislation, stores have the option to open on Sunday, July 14, with operating hours set from 11 a.m. to 8 p.m.
The reduction of prices in supermarket chains continued in June.
Retail chains have indulged in an offers spree from this week in an attempt to energize the market ahead of the regular summer sales, which start on Monday, July 8 and end on August 31.
Five top executives of troubled jewelry maker Folli Follie were convicted to 10-17 years in jail by a three-member Court of Criminal Appeals in Athens on Thursday, for falsifying balance sheets and other financial offenses, ending a monthlong trial plagued by delays.
The “war” between supermarket chains is taking the form of a thinly veiled public confrontation over market shares.
The prices of products in supermarkets in May 2024 have declined for the first time on an annual basis and are down by an average of -1.25% compared to May 2023, according to a survey conducted by the Research Institute of Retail Consumer Goods (IELKA) at large supermarket chains
Greek Prime Minister Kyriakos Mitsotakis on Wednesday stood by his recent call for the EU to address the unfair practices of multinational corporations that restrict the sale of goods in the single market, resulting in higher prices for consumers.
The prime minister’s letter to the president of the European Commission, high supermarket prices and the government’s measures for market inspections and reining in profiteering were commented on by Development Minister Kostas Skrekas, speaking to ERT News on Wednesday.
“We often find ourselves entering a store and waiting awkwardly at the entrance for an extended period because no one approaches or addresses us to explain, for instance, that they will serve us shortly.
[nx_login_form]x
