Nearly half of all businesses appear disappointed by their sales during the summer sales period, which concludes on August 30, according to results from a nationwide survey conducted by the ESEE Institute.
Commenting on the survey findings, ESEE President Stavros Kafounis stated: “The summer sales results complete the market’s negative streak from the beginning of the year. Six out of ten businesses recorded declining sales, reflecting their continued inability to recover. The year’s key milestones – winter sales, Easter period, and summer sales – were lost for the sector. What remains, aside from meager turnover, is the concern of thousands of small and medium-sized and very small commercial enterprises about the trajectory of the coming months. The state must proceed with immediate interventions, substantially supporting businesses that keep the market and employment alive. Additionally, the time has come to reevaluate the sales institution so that it has a positive impact on both businesses and consumers.”
The survey’s key findings regarding summer sales are as follows:
- Six out of 10 (59%) retail businesses recorded worse sales during the summer sales compared to last year, while only 1 in 10, mainly very large enterprises, recorded positive results.
- Consequently, nearly half of businesses (47%) appeared slightly to completely unsatisfied with their sales during the summer sales period.
- The desire to attract consumers drives 4 out of 10 entrepreneurs (37%) to maintain low prices and offers even after their official end, despite the restrictive institutional framework.
- From this perspective, it’s not surprising that 6 out of 10 businesses adopted discount rates above 30%, with the “discount range” of 31% – 40% attracting the strongest preference.
- For nearly 4 out of 10 businesses (38%), the period with the highest purchasing activity was the first half of August, a finding possibly connected to cash flow shortages and the timing of vacation allowance/bonus payments.
- For 7 out of 10 businesses that recorded lower sales compared to the corresponding discount period last year, the decrease was up to 20%.
- Conversely, for 2 out of 3 businesses that reported sales increases, the rise did not exceed 10% compared to last year.
- Two out of 3 businesses adopted the same discount percentages as summer 2024.
- Half (47%) of businesses offered discounts on all store merchandise without exception.
- Also, half (51%) of businesses recorded lower foot traffic compared to the corresponding period last year.
- Following the above, only 21% of entrepreneurs declared themselves very to extremely satisfied with store foot traffic.
Business responses to other critical issues:
- Despite the strengthening of remote sales, 45% of entrepreneurs stated that physical store sales exceeded online sales. This finding underscores the incentives needed for further digital market maturation.
- Entrepreneurs evaluate high costs, increased operating expenses, reduced disposable income for purchases, and supplier price increases as the most significant problems with negative impact.
- Three out of 4 businesses (74%) note that their operating costs have swollen by more than 10% from the beginning of the year to date.
- In this context, 67% of entrepreneurs declare themselves minimally to slightly relieved by support measures against price increases and rising energy costs.
