July 27, 2021

Christmas spending cools in Spain before the auguries of slowdown | Economy

Christmas spending cools in Spain before the auguries of slowdown | Economy



Spaniards face Christmas and their expenses with more optimism than their European partners, but with more caution than last year, so, in the absence of a few weeks for the holidays, they plan to spend less than they had in mind on the same dates of last year. This is clear from the study of Christmas consumption published each year by Deloitte consultancy, which foresees that each Spanish home will spend 601 euros on Christmas purchases (in gifts, leisure, food and travel), 5% less than the previous year. The survey reflects again the constant progress of electronic commerce, through which Spaniards will make 27% of their purchases, and the consolidation of the Black Friday as an occasion to advance Christmas shopping.

According to the survey, conducted at the beginning of October with 9,169 interviews (921 in Spain) in 10 countries, it paints Spaniards as the most optimistic in terms of the current economic situation and prospects for next year. 73.7% of Spaniards perceive a stable or growing economy, while 64.4% extend that same feeling by 2019. Both figures are well above the average of the rest of the countries surveyed (the Brexit and the Italian political situation is very bad in both countries), but they are also significantly lower than last year's. That is, they reflect that the auguries of an economic slowdown and even the fears of a new recession they make Spanish consumers more cautious in the face of Christmas spending. "It shows a cooling, the population is more cautious", said Victoria Larroy, partner of Consumer Goods and Distribution of Deloitte," and it will be noticed in the expense ".

Thus, Spanish respondents expect to spend less this year than in the past. In total, Spanish households will spend an average of 601 euros this Christmas, 5% less than the 633 that they planned to spend last year. Then, the figure improved 3% the previous year. It is true that then real spending is usually below the forecast (last year was expected to spend 633 euros and finally stayed at 585). In any case, due to tradition and greater optimism, Spain will be the second country with the highest Christmas spending, second only to the United Kingdom, with 646 euros, and ahead of Italy (541), Germany (476) or Belgium (441). ). Russia (284), Poland (323) and Portugal (390) close the list. The average of the participating countries stays at 456 euros.

Those 601 euros will be divided between gifts (241), food (173), trips (105) and leisure (82, including spending on restaurants). Madrid, the Balearic Islands and the Basque Country will spend more than 100 euros above the average, while Castilla y León, Castilla-La Mancha, La Rioja and Navarra will spend less than 501 euros.

The impact of Black Friday

The survey also reflects that the phenomenon of Black Friday is already consolidated as a favorable occasion to advance Christmas shopping, while the month of December continues to lose ground. The day of purchases imported from the US and that has already become a campaign of sales of two weeks has made the month of November already hoard 33.1% of sales, two points more than last year. In addition, 77% of respondents declare to make a purchase on Black Friday and 11.3% claim to make most of the Christmas purchases in that campaign, compared to 8.7% of the previous year. "Black Friday continues to grow, although less strongly, because it is very consolidated," said Larroy.

"In addition, it is no longer a day, it is a campaign, so it subtracts sales in the first half of December," he explained. Despite this, purchases in December are mostly made in the first fortnight (30.3%), while for the last hour, only 4.1% of spending is left. Bruno Rodriguez, Larroy's colleague, has highlighted in the presentation that it is increasingly irrelevant the expense that is made in the first week of January, despite the day of Kings, when there is only 4.8% of spending.

As for the sales channel, 164 of the 601 euros of the budget, 27.3%, will be spent on electronic commerce, three points more than the previous year. However, the physical store continues to be the scene of the majority of purchases, with department stores as the main destination of money (52.9% of respondents make purchases in them), followed by specialized chains (44.8%). %), supermarkets and hypermarkets (42.4%) and traditional stores (36.4%).

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