New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 03/19/2013 -- BMI has become increasingly bearish on passenger car sales in Greece. In 2012, we forecast a sales decline of 40%. Unemployment remains very high, and retail sales continue to fall. Coupled with continuing austerity measures and political uncertainty, we expect consumer sentiment to remain very weak. This outlook has partly informed our forecast in the passenger car segment. We caution, however, that downward pressure on consumer sentiment from fiscal retrenchment and other macro factors provides considerable downside risk to our sales forecasts.
In terms of sales volumes, the Greek vehicle market stands at less than half the levels seen in 2007. With consumers feeling the pinch of higher taxes and high vehicle ownership costs, we believe a recovery in new vehicle sales unlikely during our forecast period to 2017. It is therefore not surprising that local dealerships are being forced to slash vehicle prices and offer substantial discounts in an attempt to spur demand in the market.
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