the budget falls by 14%
The Spanish will reduce their gift budget by 14% this Christmas especially due to the impact of inflation, according to the data in the report Shopping trends in high season, made by Packlink. Specifically, this cost containment translates into approximately 900 million euros less among Spanish consumerscompared to the past 2021.
In this sense, at European level, Spain will be one of the countries that will reduce its spending the most, below the United Kingdom (22%) and above Italy (12.3%), France (11.5%) and Germany (9.4%). Also, businesses and consumers will be affected by rising costs. Nine out of ten (91.9%) companies expect to be affected by the increase in costs in the high season, while 58% of consumers plan to cut spending on non-food products due to the rising cost of living.
In the current economic context, 24% of Spaniards point to inflation as the main reason for containing Christmas spending and is above economic uncertainty (21.55%), insufficient savings (16.49%), lack of available credit (9.72%), loss of profits (9.53%) and the rise in interest rates (6.58%).
However, Spain is not the European country where the increase in prices is most worrying. According to the study, the Germans are the ones who consider this problem the most important (37.50%), above the United Kingdom (32.51%), France (32.67%) and Italy (25.06%). The product categories that will suffer the most spending cuts at European level are: clothing (26%), above the electronics (22.3%), the toys (20.9%) and the household items (19.8%).
In Spain, fashion (26.7%) also remains the category that will suffer the most cuts, above toys (20.4%), DIY and gardening (19.6%), health and beauty products (18%), household products (16.8%) and, finally, electronics (16.8%). This situation will also cause changes in consumption habits.
The report also collects, among the more than 8,000 respondents, about 800 statements from retail professionals. In Spain, the 226 retailers interviewed indicate that they are already many companies that have decided to take measures to reduce costs. Among the measures adopted, at a global level, they range from the increase in shipping costs (34.7%), change in delivery times (26.2%), to the increase in promotions (18.1%), the elimination of free returns (10.1%) or the growth of the workforce (3.3%).
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