Spring sales don’t spring any surprises
This spring’s midterm sales that ended last weekend proved unable to reverse the negative sentiment in the market since the outbreak of the war in Ukraine, which has increased inflationary pressures.
The wave of price hikes is forcing households to ditch spending on apparel, homeware and other non-essential purchases and redirect that income to power bills and other basic needs.
“Unfortunately activity was particularly subdued in Athens,” according to Athens Traders Association chief Stavros Kafounis. “The market did not work, even though in April there had been some encouraging signs. People were far too reserved,” a senior retail chain official told Kathimerini.
The sales market was quiet even though it was the first time after over two years that there was no restrictions on the number of people in stores or obligation to show a vaccination or test certificate.
It appears that this was the last midterm sales, as the intention of the Development Ministry is to abolish the spring and fall windows. The minister has assured market officials that an upcoming bill will provide for the end of the two small sales periods.
