Huge Drop in Christmas Turnover?



Greek marketThe turnover of stores in Greece is expected to show a huge drop this holiday season, in contrast with its usual increase, due to the risk of early elections. Meanwhile, tourism is also expected to drop significantly because of SYRIZA’s negative comments regarding all-inclusive vacation packages.

Even during the crisis’ worst moment, store owners could always relax before winter holidays. The Christmas shopping season used to be the most profitable time of the year. However, in 2014, store owners are not so optimistic.

According to a survey conducted by PwC and published in Euro2day, Greeks’ average expenditure during Christmas shopping season dropped by 12.5%, compared to last year, while Greeks are expected to spend less than 400 euros per capita.

The possibility of a significant turnover drop in Greece is attributed to the political developments and the possibility of early national elections, which scares people into holding on to any money they have left.

Furthermore, store owners are not the only ones who have felt the impact of political developments. Tourism, Greece’s largest industry, has also shown worrying signs. SYRIZA leader Alexis Tsipras made a public statement regarding all-inclusive vacation packages, saying that they are the memorandum program of the tourism industry.

His statement may possibly affect the hotel industry. Meanwhile, hotel owners are calling for stability, while defending their all-inclusive packages which have helped them get through the hard times.


1 COMMENT

  1. Not too long ago in Greece, Christmas was not the commercial shopping frenzy we see today. Gradually this phenomenon entered the country driven by economic counter-seasonal merchandisers seeking revenue once the tourists had left. During the off-season there was little stimulus to shop except for basic needs so a reason had to be created to buy and go ever deeper into debt. The Greek Orthodox Church correctly placed greater emphasis on Easter than Christmas. But in our typical rush to “Europeanize” and be just like the rest of the world, we forgot the religious importance of the season and primarily focused on the commercialization. It’s about time someone takes note of it.