kathimerini.gr
Greece Imposes Strict New Rules on Retail Promotions
Greece's new code of ethics for price reduction announcements, effective March 17, 2025, mandates a 30-day reference price for discounts, limits combined offers to 60 days, bans misleading 'permanent discounts', and imposes fines up to €3 million for violations.
- What long-term effects might this code have on consumer behavior, retail pricing strategies, and the overall Greek market?
- This new regulation significantly impacts Greek retail, standardizing promotional practices and boosting consumer protection. The 30-day reference price rule and restrictions on long-running combined offers will likely lead to fewer misleading promotions. The substantial fines ensure compliance, potentially shifting retail strategies towards genuine price reductions and clearer communication.",
- How does the 30-day reference price rule function, and what types of promotional offers are affected by the new regulations?
- The code aims to prevent consumer deception, particularly concerning promotions that disguised price increases. It mandates transparency by requiring retailers to display the lowest price within the past 30 days as the reference point for discounts; this applies even to loyalty programs unless personalized. The 30-day rule also applies to outlet stores, using the store's past 30-day price as a reference, not the original price.",
- What are the key provisions of the new Greek code of ethics regarding price reductions, and what immediate impacts will it have on consumers and retailers?
- A new Greek code of ethics for price reduction announcements, effective March 17, 2025, sets strict rules for promotions, including a 30-day reference price rule and limitations on combined offers exceeding 60 days. Penalties for violations range from €5,000 to €1.5 million, with repeat offenses reaching €3 million.",
Cognitive Concepts
Framing Bias
The framing is largely neutral, presenting the regulations and their implications factually. The description of consumer behavior as "hunters of deals" could be considered subtly negative, but it's supported by the statistic of 60% of sales being related to promotions.
Language Bias
The language used is largely neutral and objective. The use of terms like "hunters of deals" could be seen as slightly negative but remains relatively unbiased in the context of the overall report.
Bias by Omission
The provided text focuses on the new regulations and their implications, but it omits analysis of the potential impact on consumer behavior or the effectiveness of the regulations in preventing deceptive practices. It also doesn't discuss potential loopholes or unintended consequences of the new rules.
Sustainable Development Goals
The new code of ethics aims to prevent misleading advertising of discounts and promotions, promoting transparency and fair practices in the retail sector. By requiring clear indication of previous prices and prohibiting artificial price increases before discounts, it encourages responsible consumption and prevents consumers from being misled into unnecessary purchases. The 30-day rule ensures that discounts are genuine and not based on artificially inflated prices.