The introduction of Black Friday discounts by Greek traders for the first time last year, hurt retail sales during the Christmas period, according to a leading traders group.
Traders group ESEE said Wednesday that Black Friday discounts offered by Greek retailers in late November absorbed a large chunk of disposable income ahead of Christmas, contributing to a drop in business over the busy retail season.
Greece’s delayed bailout talks with international creditors also weighed on consumer sentiment over Christmas, ESEE added, along with a continual reduction of income levels due to tax hikes.
Data shows that 76% of Greek retailers reported lower trading levels than last year, with about 7% saying that business improved from a year earlier. Clothing and footwear stores said that revenues fell by up to 88%, with the smallest drop seen among food retailers where sales drop by up to 58%.