Sunday, 12 November 2023, 19:18
Each adult in Spain will spend on average 727 euros between Black Friday and the January sales, new research shows.
A total of 44% of people are expected to spend more than last year, especially among the younger generation, according to a KPMG report. The 727-euro average spend on sales account for almost 30% of the non-food retail sector.
"The consumer arrives at this time of year with a need to recover lost purchasing power," the firm, which carried out the survey among 1,000 shoppers aged between 18 and 65, pointed out. After months of decline, the savings rate has picked up again, to 11.7% of gross disposable income, according to Spain's latest national statistics institute (INE) data. This is expected to encourage spending at this time of year.
Shoppers will be extra keen to select cheaper brands and reduce the number of items in a bid to snatch a bargain while being more conservative with other expenses such as food. "The expectation is that there will be more aggressive promotions and discounts to attract customers," said Enrique Porta, partner in charge of consumer and retail at KPMG.
According to the study, one in five people in Spain say they will seek additional funds to splash on this sales season, in which Black Friday will account for the bulk of spending. Specifically, 74% of those surveyed plan to buy during this sales campaign, compared to 51% who will do so in the week before Christmas or 57% in the January sales.
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