Luxury firms tap elite tourism
The average expenditure on tax-free purchases in Athens by high-income tourists was 13,700 euros in January-August 2022, per tax refund provider Global Blue, while on the glamorous Aegean islands of Mykonos and Santorini that figure was considerably higher.
This illustrates one of the main reasons why an increasing number of luxury brands in the fashion and jewelry category have been arriving in Greece in recent years, while in both 2021 and 2022 luxury brands already active in the country, from Rolex watches to Louis Vuitton and Hermes, saw a rise in sales.
The Attica department store has just added premium fashion brands Philipp Plein, Santoni and C.P. Company, while this spring a new Hugo Boss store is expected at the Golden Hall mall.
Yet at the same time, discount chains selling clothing and home goods, mainly from Eastern Europe and Turkey, are mushrooming, targeting low-income households currently affected by the inflationary crisis.
So, just as Bulgari boutiques started operating on Voukourestiou Street, central Athens, the first Pepco stores – also known as “Polish Jumbo” – have also opened in Greece.
