Black Friday marks the beginning of the holiday shopping season and is not considered a regular sale but rather a promotional event. It involves the entire market and businesses of all sizes, from small to large.

Following Black Friday (November 29, 2024), on Cyber Monday (December 2, 2024), consumers can find great deals exclusively through online shopping.

To protect consumers during sales and promotions, especially regarding public information, listed prices, promotion duration, quantity, and product characteristics, the Ministry of Development and Investments has issued a Code of Ethics for Price Reduction Announcements. This code includes provisions for administrative penalties for violations.

Regarding product price reduction announcements, as per Article 9i of Law 2251/1994, the following is required:

- Indication of Previous Price: Any announcement of a price reduction must indicate the previous price that the supplier charged for a specified period before the price reduction took effect. The previous price is defined as the lowest price charged by the supplier during the 30-day period preceding the price reduction. If the product has been on the market for less than 30 days, the previous price is the lowest price charged by the supplier during the product's market presence. If the price is reduced gradually over a 60-day period before the price reduction, the previous price is considered to be the price that was in effect before the first of the successive price reductions.

Do not constitute price reduction announcements:

-General commercial promotion claims that compare the seller's price to the price of other sellers without invoking a price reduction or creating that impression . 

-Customer loyalty programs and personal price reductions. 

-Offers where the consumer receives a free product when making a purchase, e.g., buy one get one free, two for the price of one, 10% discount when buying two items. 

CAUTION: Traders should ensure that even for the above cases, which are not considered price reduction announcements (to which Article 9i of Law 2251/1994 does not apply), they comply with the provisions of Articles 9a - 9θ of Law 2251/1994 on unfair commercial practices.  To do so they should follow general guidelines below:

 -When promotions mention a specific price or "prices 'from X euros'" and when a specific discount or "discount up to -X%" is promised, a significant portion of the products must be available at these prices/with this discount.

 -If the advertising communication states that the discount, price reduction, or other promotional activity applies to "all" products, this must be accurate. A clarification that excludes a few specific products may be acceptable. If a large number of products or the most popular and representative ones are excluded from the offer, regardless of quantity, the communication may be considered misleading.

-When comparing the price "before" the discount or offer, the previous selling price of the product must have been consistently valid for a reasonable period before the discount or offer started.

-When claims such as "X% benefit," "gain X euros," "save X euros," and similar expressions are made, these claims must be accurate and not exaggerate the actual benefit offered.

 -Discounts, offers, and promotions with a specific duration must clearly state the expiration date.

 -In advertising communications, all significant information that a consumer needs to make an informed purchasing decision should be included, such as potential shipping costs, delivery time, etc. Important information, terms, and conditions must be presented in an appropriate way for the medium, so that they are easily understandable by consumers. Referring to them only in the "fine print" or only in another place outside the advertisement does not ensure proper information and is considered an unfair practice.

-Before launching an advertising campaign for an offer, there should be a corresponding forecast for the availability of the products on offer/discount. Potential limitations on availability (such as the offer being valid for limited quantities or while supplies last) should be clearly stated and communicated in a suitable manner.

-Advertising communication must be done responsibly in all media and materials developed. Particular care and attention is required for digital materials and media (websites, banners, e-shops, social media, influencer's posts, etc.), where the possibility of consumer confusion or misleading is increased.

Following an amendment to Articles 1 and 4 of Law 4177/2013, the optional operation of retail stores on the Sunday following the last Friday of November is now permitted.

This means that stores can optionally open on Sunday, December 1, 2024, which follows the last Friday of November, which is this year's Black Friday.

The Athens Chamber of Commerce informs consumers and store owners that, according to the recent amendment, stores can operate on all Sundays in December except for December 8th, with a proposed operating hours from 11:00 AM to 6:00 PM.

In light of the two dominant consumer events in the Greek market - Black Friday and Cyber Monday - which have evolved into weeks of major promotions and high sales, it is important for brands to ensure that their promotional and advertising campaigns adhere to ethical and responsible advertising standards and respect consumers.