The 2024 summer sales were concluded amid pressure on operating costs and tax liabilities.
The survey of INEMY-Hellenic Confederation of Commerce & Entrepreneurship reflects the concern in the market, as the cumulatively effect of inflation has shrunk disposable income, making consumers particularly wary, which is intensified by the uncertainty existing in the international environment.
The positive features include the tourism figures for the first half of the year, in terms of incoming travel traffic and travel receipts. However, the effects are limited to the tourist areas, while the weak domestic production base places pressure on the current account balance, shrinking the already limited fiscal space.
It is clear that developments in the retail sector will depend both on the course of inflation and on the easing of geopolitical tensions and conflicts, combined, of course, with the performance of the international economy.
Summarizing the results of the survey, it emerges that more than half of the commercial enterprises (57%) participating in the sales recorded lower sales compared to last year. For 37% of businesses, sales moved at the same levels as in 2023, while just 6% of businesses saw an increase in turnover.
