The purchase movement in the Greek market, in the context of Black Friday and Cyber Monday, will surpass the 3% inflation levels and last year’s levels of about 3 million. of sales with an average receipt close to 100 euros and a total turnover at the level of 300 million. euros. This is the opinion of the president of the Chamber of Commerce and Industry Vassilis Korkidis.
Specifically, in his statement, Mr. Korkidis said, “The three-day sales event Black Friday and Cyber monday turned out to be a good smart shopping opportunity for more than 8 out of 10 Greeks this year. While consumers can find offers and pre-purchase weeks previously, the peak of discount shopping has occurred in the last week of November until today, Cyber Monday, with a turnover that exceeded 130 million euros last year, in terms inflation at least”.
According to Mr. Korkidis, “In the first estimate, the buying behaviour of consumers on Black friday confirmed the increased interest. While 1 in 10 Greeks believe that there are no longer great price offers, as in the past, 8 in 10 believe at least it’s Black Friday. It’s a good opportunity for advantageous purchases. In fact, manny are happy to use their credit card so they don’t miss out on Black Friday opportunities. shop during Black Friday, there are discounts on branded products that they don’t usually buy as they are too expensive The motivation for 4 in 10 of the products they usually buy during the year, but at 10 take advantage of lower prices on Black Friday to buy christmas gifts and 1 in 10 to stock up on cheaper everyday items, and 1 in 5 use Black Friday to give themselves a gift, in return for a small and cheap pleasure”.
Regarding the dilemma of shopping online or shopping in a store – as Mr. Korkidis said – “Greek consumers are divided on Black Friday & Cyber Monday, as more than 4 out of 10 shops online and 5 out of 10 in physical stores with the main reasons being that the product is received promptly, but also so they don’t have to worry about returns”.
“As consumers look for lower prices through unknown e-shop websites, we should take into account how online fraudsters are taking advantage of today’s demand. Of course, cybercrime enforcement agencies are close monitoring of malicious activities to curb fraudulent purchases and protect consumers from becoming victims of fraud and losing their money Buyers, regardless of the way everyone wants to make their purchases, rather than choosing Greek e-shops and local physical stores,” added Mr. Korkidis and said that the purchase movement in the greek market is estimated to be “more than last year’s levels of about 3 million sales with an average receipt close to € 100 and a total turnover of 300 million euros above the inflation levels of 3% .
What are the key trends for Black Friday and Cyber Monday shopping in Greece this year?
Interview with Vassilis Korkidis: Insights on Black Friday and Cyber Monday in Greece
Editor: welcome, Mr. Korkidis. Thank you for joining us today to discuss the current trends in the Greek market surrounding Black Friday and Cyber monday. Your insights will surely provide valuable context to our readers.
Korkidis: Thank you for having me. It’s great to discuss this crucial shopping period, especially as it continues to grow in meaning for Greek consumers.
Editor: To start, what are your projections for this year’s Black Friday and Cyber Monday sales in Greece?
Korkidis: this year, we anticipate the buying movement will surpass last year’s sales figures, which were approximately 3 million transactions. We’re looking at a total turnover expected to reach around 300 million euros,with an average receipt close to 100 euros. Importantly, our estimates suggest that this growth is occurring despite inflation levels inching up to 3%.
Editor: That’s quite impressive. You mentioned that over 8 out of 10 Greeks find these sales beneficial. What motivates this perception among consumers?
Korkidis: Indeed, many Greeks see Black Friday and Cyber Monday as unique opportunities for smart shopping. While some consumers feel that deep discounts are less common than in previous years, a significant majority still believe that these sales offer meaningful savings on items they might not normally purchase due to their price. In fact, nearly 40% of consumers take this chance to shop for Christmas gifts, while others indulge in purchasing luxury items at lower prices.
Editor: How are consumer shopping habits evolving? Are they leaning more toward online shopping or traditional retail?
Korkidis: The division is quite engaging. More than 40% of consumers shop online, while the remaining 50% prefer going to physical stores. The convenience of instant product access and less concern over return hassles drives this preference for in-store shopping. Though, we do see many consumers heartened by the variety and deals available online.
Editor: With the rise of online shopping, what concerns do you have regarding consumer safety and cybercrime?
Korkidis: This is a significant concern. As consumers seek lower prices on less familiar e-commerce platforms, the risk of encountering online fraud increases. We urge consumers to be vigilant and prioritize established Greek e-commerce sites or local stores to avoid falling victim to scams. Ongoing efforts from cybercrime enforcement agencies are vital in tackling these threats and protecting consumers.
Editor: speaking of consumer habits, how do credit card use and financing play a role during this shopping season?
Korkidis: Many consumers are inclined to use credit cards during this time, driven by the fear of missing out on deals. This trend not only facilitates their purchases but also reflects a growing willingness to finance item purchases that might ordinarily strain their budgets. It’s a practice that brings both opportunities and risks, emphasizing the importance of sensible financial planning.
Editor: What practical advice would you provide to our readers to make the most of their Black Friday and Cyber Monday shopping experience?
Korkidis: Frist and foremost,consumers should set a clear budget and stick to it. make a list of desired purchases and shop around for the best deals. Second, leverage both online and in-store offerings to maximize savings.Lastly, verify the credibility of online retailers before making purchases to ensure a safe shopping experience.
Editor: Thank you, Mr. Korkidis, for your invaluable insights into the Greek market during this critical shopping season.Your expertise helps shed light on the evolving dynamics of consumer behavior and the implications for the retail landscape in Greece.
Korkidis: It’s been a pleasure discussing these trends, and I hope our conversation helps consumers make informed choices this Black Friday and Cyber Monday. Thank you for having me!
