Greek traders see red over Black Friday

Christmas sales, Greece

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%.