Greek retail faced a disappointing summer sales season, with four in
Greek retail faced a disappointing summer sales season, with four in ten business owners feeling compelled to maintain low prices and ongoing promotions to attract consumers, even after the official discount period ended, according to the President of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis.
Retail turnover showed signs of recovery in the second quarter, reaching 19 billion euros with a 2.5% upward trend following nearly two years of decline. Yet, the momentum stalled in July and August. Excluding vehicles, food, and fuel, quarterly turnover rose just 1.5% to 6.87 billion euros, lagging behind inflation, which surpassed 3%.
The shortfall reflected broader economic pressures. Reduced disposable income, weaker purchasing power, and fewer spontaneous purchases contributed to a 19% gap in per capita consumption compared with the European average. Summer spending of roughly 7 billion euros shifted away from retail sectors like clothing, home goods, electronics, and furniture, moving instead toward services.
Many Greek consumers prioritized holidays over products. Vacation expenses, family outings, and housing costs absorbed much of the summer bonus payouts, totaling 1.6 billion euros in the private sector.
Consumer confidence also fell to its lowest level in nine months, with nearly 60% of households expecting
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