Which Sundays will the shops be open – What research shows about the mood of consumers to spend
The market and consumers move in festive rhythms, with commercial enterprises preparing for a festive “breath” of liquidity.
December is traditionally one of the most critical months for business coffers, with a quarter of stores’ annual turnover achieved over the Christmas and New Year holidays. For their part, consumers are becoming “smart” bargain hunters as limited disposable income and inflationary pressures on essential goods have significantly curtailed their Christmas spending.
In this context, the “Christmas basket” starts on December 13, which is added to the “household basket”, while the “Santa Claus basket” will start in the following days. In the battle against accuracy, in addition to holiday baskets, consumers can search all 1,286 items from 100 companies participating in the “permanent price reduction” initiative. According to the Minister of Development, the weighted average reduction in the prices of these 1,286 items is 5.5%, as prices have decreased for at least six months at a rate that starts from 5%, but in some items it reaches 10%.
Shops are open on Sundays 17, 24 and 31 December
On Tuesday, December 12, the proposed opening hours of the commercial stores for the festive period of Christmas 2023 of the Athens Chamber of Commerce will begin.
The stores will be open every day with continuous hours from 9:00 am to 9:00 pm and on Saturdays from 9:00 am to 6:00 pm.
On Sundays 17, 24 and 31 December, shops will be open from 11:00 am to 6:00 pm.
It is noted that on Monday 25 and Tuesday 26 December, as well as on Monday 1 January and Tuesday 2 January, the shops will be closed.
On the occasion of the announcement of the festive hours, the president of the Athens Chamber of Commerce, Stavros Kafounis, said: “The most important period for commerce also begins in the decorated shops in the center and in the districts of Athens, workers and shopkeepers are waiting for consumers, with shelves full of products and great prices. Let us hope that the Holy Days, despite the difficulties faced by households and businesses, will confirm expectations and welcome the new year with a smile and optimism.”
Moderate consumer spending
As the most critical period for trade begins, subdued mood from consumers to spend shows Focus Bari survey results with inflation and accuracy hitting purchasing power. According to the survey, at least half of Greek consumers are willing to consider lower spending on all items, even essentials, if their purchasing power continues to shrink due to inflation. Specifically, 50% are expected to spend less money on food and beverages, while 56% on household items and hygiene items. Also close to 80% are willing to further cut spending on discretionary consumer items such as alcohol, toys/puzzles/books and clothing/shoes/accessories. A percentage of 73% would also reduce their expenses for personal care and beauty.
Along the same lines, the IOBE economic situation survey showed that in November consumer confidence moved to relatively lower levels. Specifically, the consumer confidence index stood at -45.6 points, compared to -44.7 points in October. According to the research, the constant price increases and the high cost of living had a catalytic effect on the expectations of Greek consumers, an effect that was also burdened by the geopolitical tensions of the last few months which are intensifying, instead of easing. The index is moving at low levels now, with the result that Greek consumers appear to be the most pessimistic in the EU this month as well.
Consumer forecasts for the financial situation of their household, in the next 12 months, declined marginally in November with the relative index standing at -43.7 (from -42.9) points in October. 57% (from 58%) of households expect a slight or noticeable deterioration in their financial situation, while 5% (from 8%) foresee a slight improvement.
At the same time, consumers’ intention to make important purchases in the next 12 months (furniture, electrical appliances, etc.) dropped significantly, with the relative index standing at -43.8 (from -39) points. 55% (up from 51%) of consumers predicted they would spend less or much less, while 7% (up from 8%) expected the opposite.
The indicator of the intention to save in the next 12 months weakened significantly in November and stood at -67.4 points (from -61.8 points). 85% of households do not consider saving possible in the next 12 months, while 13% consider it possible or very likely.
Regarding estimates of the current household financial situation, the percentage of consumers who say they are “just getting by” rose to 61%, while the percentage of those who say they are drawing on their savings increased to 14% from 12%. Consumers who said they save a little or a lot make up 16% of the total, while the percentage of those who said they are “in debt” was 8%. In the question that assesses the degree of uncertainty of households regarding future economic developments, 59% considered in November that their financial situation can be predicted with difficulty or relatively difficult, as in the previous month.
