New law 5111/2024 (Government Gazette A' 76/24.05.2024) introduces in its Chapter B amendments to law 2251/1994 on Consumer Protection in order to strengthen such protection.
Among other things, based on the new law, a new article (article 9i) is added to law 2251/1994 regarding price reduction announcements, which provides that, as is already the case until today, in every price reduction announcement, the previous price applied by the trader for a specified period of time before the price reduction was applied, must be indicated. As “previous price” is considered the lowest price applied by the trader during the 30-day period before the price reduction is applied; while when the product has been on the market for less than 30 days, as “previous price” is considered the lowest price applied by the trader during such time that the product has been circulated on the market.
However, based on the new provision, it is now defined that when the price is progressively reduced during a 60-day period, as “previous price” is now considered the price that was in force before the application of the first from the successive price reductions. This new arrangement for the 60 days which are taken into account in case of progressive/consecutive price reductions comes in response to a traders’ request, as the previously applicable 30-day rule which was also applied to progressive discounts as well, was a significant obstacle for traders when conducting seasonal sales.