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Declining incomes have led to a slump in holiday shopping

28 December 2015 / 15:12:23  GRReporter
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This year, consumers in Greece – stressed by the multitude of taxes, which must be paid by the end of December – have yet again limited their Christmas spending to the bare essentials.

Moreover, given that consumer spending in December this year amounts to roughly €3.22 billion, it is clear that the decline in retail turnover is 42% compared to December 2009, when the Greeks spent 5.6 billion.

The Institute for Trade and Services of the National Confederation of Commerce estimates that in December 2015 retail turnover has shrunk by a further 8.3% compared with the same period of 2014. This fact is attributed to a whole series of events, which have affected adversely both the psychology of consumers and the smooth operation of businesses.

 

The following retail sectors have seen the steepest decline in December since 2009: household appliances - 56.1%, clothing and footwear - 42.9%, pharmaceutical and cosmetic products - 38.1%, fuel - 28.8%, books and stationery - 28.1% and food products - 19.9%.

 

Tags: turnover retail outlets decline Institute for Trade and Services
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