Why Did Winter Sales Flop this Season?

Friday, February 24th, 2017
Last Update: 13:52

If you didn’t go out and shop until you drop over the past months’ winter sales, you are not alone. According to the Athens Traders Association, sales for the winter clearance were lower than expected this season.

The reasoning behind the decline in sales is simple — Greeks are counting their pennies amidst the uncertainty of the bailout, on and off again talks of debt relief and the looming fears that come with a possible Grexit. With salaries and pensions continually being slashed by austerities, Greeks are not able to afford items beyond their daily needs, a GFK survey released in February 2017 showed.

The winter sales that occur annually in Greece are usually a chance for Greeks to go out and get a good deal on the left-over products from the season, however, this year 78 percent of shop owners reported that they made considerably less money this year and only 3 percent reported an increase in sales, ekathimerini.com recently published.

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