Like every year, On the last Friday of November, Spanish shops celebrate Black Friday. This tradition, adopted from the United States, fills the main stores of our country with discounts. The week surrounding Black Friday is considered the start of the holiday season, as many shoppers take advantage of store discounts to get Christmas gifts at a cheaper price. According to a study by Packlink, Spain ranks third in terms of best consumption this high seasonwhich shows a certain resilience of the Spanish market.
However, the inflation crisis that has hit Spain and other European countries over the past two years is still taking its toll on consumers, who are hesitant to resume their usual spending levels. In this sense, 37% of Spanish households will reduce their consumption during Black Friday and Christmas. In fact, 13% of them say they will spend significantly less at the same time than last year. Although many families will adjust their budgets for the final months of the year, 43% of consumers confirm that they will maintain the same level of consumption on these dates as in 2022.
In a European comparison, Germany is proving to be the most resilient country with a decline in consumption of 35%. In second place is Italy, which is on par with Spain with a decline of 37%. However, 24% of Italians say they will spend more this Black Friday and Christmas, compared to barely 20% of Spaniards.
The lipstick effect is retained
Research conducted by Packlink in eight international markets shows that consumers will reduce their spending across all product categories. However, Home improvement and gardening is the category that is declining the most, as 48% of respondents confirm that their consumption of these types of items will decrease. Secondly, they exist Toys and games (45%), followed by electronic products (44%). In fact, this last category is usually one of those chosen for savings, as consumers choose to extend the life of their electronic devices rather than replace them when a new model comes on the market.
On the other side of the coin are beauty products and fashion. In this sense, the “lipstick” effect seems to continue to boom after the pandemic. This phenomenon implies that in times of economic hardship, consumers increase their spending on small items that boost their self-esteem, as was the case with lipstick during World War II. Therefore, according to the Packlink study, The most resilient categories are beauty (35%) and clothing (36%).that manage to cushion the decline in consumption.
“The outlook for this Black Friday is not very promising in terms of families’ spending intentions. However, it must be taken into account that many consumers choose to postpone their usual purchases to these dates in order to benefit from the discounts. “To boost consumption in the final months of the year, e-commerce must not only offer competitive prices, but also shipping and returns policies that adapt to consumer needs,” mention, that Noelia Lázaro, Marketing Director of Packlink.