The Greek retail union ESEE announced on December 27, 2011 that the retail sales of Greek merchants during the Christmas period fell by 30% year-on-year, the lowest level in decades, as domestic debt and the economic crisis severely affected consumer confidence.
According to ESEE data, during the Greek Christmas period, sales of apparel and footwear fell by 40% year-on-year, sales of electronic and electrical products fell by 30%, and food and beverage sales dropped by 15%.
ESEE said that nine out of ten people started to tighten their consumption, because the Greek economy is still declining at the same time. Workers' compensation and pension expenditures are slashed, and domestic inflation is still on the upward trend. They have had to lower their living standards and cut spending, despite the fact that merchants have widely launched merchandise discounts during Christmas.
According to ESEE data, during the Greek Christmas period, sales of apparel and footwear fell by 40% year-on-year, sales of electronic and electrical products fell by 30%, and food and beverage sales dropped by 15%.
ESEE said that nine out of ten people started to tighten their consumption, because the Greek economy is still declining at the same time. Workers' compensation and pension expenditures are slashed, and domestic inflation is still on the upward trend. They have had to lower their living standards and cut spending, despite the fact that merchants have widely launched merchandise discounts during Christmas.
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