The winter sales period in Greece has been characterized as disappointing, according to the Piraios Chamber of Commerce and Industry (EBEP). Initially, there was optimism that the 50-day discount window would help mitigate winter inflation, which was projected to be 2.8% as of January, according to Eurostat. This figure remains significantly higher than the Eurozone average of 1.7%. Such inflation levels have thwarted hopes for a resurgence in retail sales, especially in clothing and footwear, sectors that have traditionally relied on discount sales for consumer spending during this time of year.

Despite having a festive shopping season, where consumer sentiment appeared to improve, the persistence of inflation has led to stagnation in retail sales. The Hellenic Statistical Authority (ELSTAT) confirmed a 2.5% inflation rate, marking the smallest annual increase in retail trade for the past five years. Sales during the discount period have not matched the decrease in consumer spending power, which remains constrained due to the ongoing inflationary pressures in the economy.

EBEP's analysis reveals that the clothing and footwear sector has seen particularly poor performance over the last 12 months, an issue that has been exacerbated during the winter sales months. As a result, retailers are grappling with stagnant sales and are left to navigate a challenging economic landscape, highlighting the necessity for strategies to adapt to the shifts in consumer behavior and manage the impact of high inflation on purchasing decisions.