Christmas sales down ‘30 percent’ - The Best from Greece

Business associations are estimating a 30 percent drop in Christmas sales compared to last year – a potentially disastrous performance for the struggling retail sector.

 

"This year's Christmas market has suffered a heavy winter after, with losses on sales of retail stores confirmed at 30 percent levels compared to last year," Vassilis Korkidis, leader of the National Confederation of Greek Commerce (ESEE), said.

 

"Initial estimates from all over Greece suggest disappointing sales, with clothing and footwear experiencing a 40 percent reduction, electrical and electronic goods 30 percent, cosmetics, books and gifts 20 percent, and even food and beverages falling by 15 percent," Korkidis continued.

 

Shops have been hard hit by rising unemployment and emergency income and property taxes imposed late in the year – meaning that average employee spent his Christmas bonus covering tax and debt payments rather than Christmas gifts. (Athens News/gw, Reuters)