The winter sales season officially begins today across Greece, running until Saturday, February 28, with retailers hoping total turnover could exceed €6 billion. Shops are also allowed, on an optional basis, to open on Sundays January 18 and 25, offering consumers additional opportunities to shop at reduced prices.
Despite financial pressure on households following the holiday period, the retail market remains cautiously optimistic. Businesses expect this year’s sales to perform slightly better than last year, while also helping to curb price increases during the first two months of the year.
Market data show that around six in ten consumers make purchases during the winter sales, mainly to cover personal and family needs. Clothing and footwear dominate demand, followed by technology products and household items. However, rising costs for essential goods and services mean shoppers are increasingly selective, focusing on targeted purchases, higher discounts, and online offers.
Stricter rules and intensive inspections
Authorities have announced intensified inspections throughout the sales period to ensure compliance with consumer protection rules. Under current regulations, any announcement of a price reduction must clearly display the previous price on which the discount is based.
The “previous price” is defined as the lowest price applied by the retailer to that product during the 30 days prior to the discount. Retailers are not allowed to present the manufacturer’s recommended retail price as a reference for a discount unless it was actually charged in the past. Such reference prices may only be shown for comparison, without creating the impression of a price reduction.
During the sales period, shops must clearly display both the old and the new reduced price. The use of discount percentages is permitted. If discounts apply to more than 60% of items for sale, the percentage or range of discounts must be clearly displayed in shop windows and promotional material. If discounts apply only to selected items, this must be explicitly stated.
For outlet and stock stores, the old price must be shown crossed out alongside the new reduced price. During sales periods, all intermediate prices must also be crossed out, with emphasis placed on the final price.
Penalties for inaccurate or misleading discounts can be severe, reaching up to 2% of a company’s annual turnover, with a minimum fine of €20,000. Repeat offenses within five years can result in fines of up to 4%.
