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The general decline in sales until Black Friday is confirmed by the president of the Athens Chamber of Commerce, Stavros Kafounis, who spoke to OT about a trend of “freezing” in the market.
With two weeks to go until the “Black Friday” sale, the attitude of families, young people and dynamic consumer groups is eagerly awaited from the side of the commercial world.
On hold due to Black Friday
This was also shown by the first processing of the findings of EY’s large survey, Future Consumer Index Greece 2024, which is expected to be presented in its entirety in December, which spoke of 1 in 2 consumers planning a purchase in view of the big discount event.
Young people aged 18-29 (65%) – and especially students (69%) – and secondarily the 40-49 age group (54%) are more willing according to the EY survey. The presence of children in the family also seems to be decisive, with the percentages of those intending to make purchases being higher among those with minor children (60%).
In order to proceed with purchases, it is clear that consumers attach importance to the offers made during this period. Thus, of those who said they plan to make purchases, nearly 4 in 5 survey participants (79%) said they are postponing some shopping until Black Friday and Cyber Monday.
«We notice that a “belly” has been created in the purchasing movement“, points out Mr. Kafounis, “trend that has no specific or specific characteristics. It is something that is observed more generally and regardless of regions or product categories».
The president of the Athens Chamber of Commerce, Stavros Kafounis
Concerns and expectations
The president of the Athens Chamber of Commerce mentioned the importance of the last quarter of the year. Moreover, during the “the biggest expenditure of the whole year takes place internationally and not only in Greece. For the domestic market and with the existing data, we are guided by last year’s Retail Sales Index of the Athens Chamber of Commerce, which spoke of a consumption of 7 billion. excluding fuel, vehicles and food».
In order for the business world to remain optimistic, “we aim for a minimum pan-Hellenic increase of 10% in retail trade, due to the general increases in energy, supply“, he added. Otherwise, the market will wonder about its further possibilities.
This is also the reason that “the market has bet on these days. That is why we informed the commercial companies and the consumer public that after amending par. 1 and 4 of article 16 n. 4177/2013, the optional operation of shops is allowed on the Sunday following the last Friday of November and is essentially between Black Friday (29/11) and Cyber Monday (2/12)».
The commercial world is aiming for a minimum pan-Hellenic increase of around 10%. “We are guided by last year’s Retail Sales Index of the Athens Chamber of Commerce, which spoke of a consumption of 7 billion. excluding fuel, vehicles and food in the last quarter of the year,” Stavros Kafounis told OT.
There are no individual winners
«It would be out of place to talk about any category that would garner the most likes“, explained Mr. Kafounis. “No surprises are expected in consumption, as these are recurring sales that occur at such times every year. It just appears a little more elevated year after year».
«We expect the reversal of the climate in the last week of November, with Friday marking the peak of the buying movement“, notes Mr. Kafounis, talking about the harbinger of consumption during the festive season which of course includes Christmas. For this reason and correspondingly with Sunday 1/12, and with the recent amendment, shops can operate on all Sundays in December except for that of December 8, with suggested opening hours from 11:00 to 18:00.
On this occasion “we invited the consumers who will make purchases on the given days, to support the Greek small and medium-sized commercial enterprises that fight the daily struggle for survival and are always close to their customers. The great offers that will appear in stores are the result of hard preparation and great effort, with one and only goal: the satisfaction of the consumer whose accuracy in recent years has dramatically reduced disposable income“, concluded Mr. Kafounis.
Source: ot.gr
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How do young people’s purchasing decisions differ from those of families during Black Friday and Cyber Monday, and what demographic factors might be influencing these choices?
1. What factors do you believe are contributing to the general decline in sales until Black Friday, as highlighted by the president of the Athens Chamber of Commerce, Stavros Kafounis? How do you think consumers’ attitudes and spending habits are impacting this trend?
2. In your opinion, what role do young people and families play in driving sales during the Black Friday and Cyber Monday events? How do demographics and personal circumstances influence consumer behavior during this period?
3. With the recent amendment allowing shops to operate on Sunday following Black Friday, how do you see this affecting retail sales in Greece? And what implications does it have for smaller businesses that may not have the resources to compete with larger retailers?
4. Do you think there are any specific product categories or industries that are more likely to benefit from Black Friday sales? How are businesses responding to changing consumer preferences and demands during this time?
5. With the rise of online shopping, how has the concept of Cyber Monday evolved, and what challenges do brick-and-mortar stores face in attracting customers during this period? What strategies do you think they could implement to remain competitive?
6. As the president of the Athens Chamber of Commerce, what message would you like to give to consumers ahead of the upcoming Black Friday events? How can they make informed purchasing decisions while also supporting local businesses?
7. Looking ahead to the Christmas season, how important is the final quarter of the year for Greek retailers and consumers? What kind of impact does international spending patterns have on domestic retail trends?
8. As the commercial world aims for a 10% increase in retail trade, what are some of the challenges they face in meeting these targets? How can they ensure that this growth is sustainable and benefits both businesses and consumers in the long run?
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