Holiday spending: shrinking, cautious approach, and intelligent shopping tactics
In a significant change from previous years, Spanish consumers are adopting a more thoughtful and informed approach to their Christmas shopping, driven by the convenience of the internet.
According to a study by the Esade Consumption Observatory, the Christmas shopping season in Spain is expected to see a higher emphasis on practical and functional gifts, such as textiles and hardware products. This shift is due, in part, to the reduction in spending on gifts by Spanish families, which has decreased by up to 40%.
Despite this reduction, the fashion sector is not expected to be greatly affected, as 30% of the total budget will be spent on clothing and accessories. However, the Christmas period is projected to account for only 15% of the total online purchases in Spain for the year, indicating that consumers are becoming more selective in their purchases.
The internet is proving to be a significant ally for the thoughtful, comparative, and action-oriented consumer during the Christmas campaign. Spanish consumers are using the internet to search for offers, compare prices, and seek advice from others before making purchases. This trend is evident as Spanish consumers are leveraging social networks as a meeting point with other users to obtain advice before making their purchases during the Christmas season.
The current consumer in Spain is more moderate, rational, and less impulsive due to the crisis. This is reflected in the fact that half of the Spanish population maintains a saving attitude despite having a higher income level. Experts, such as marketing professors José María Cubillo and Gerard Costa, appreciate this less waste in Christmas shopping.
The Christmas shopping habits of Spanish consumers indicate a shift towards more mindful and informed decision-making. This change is not only beneficial for consumers but also for businesses, as it encourages a more sustainable and responsible approach to consumption.
As the Christmas season approaches, Spanish consumers are expected to continue their cautious spending habits, ensuring a balanced and practical approach to gift-giving. This change in consumer behaviour is a testament to the evolving shopping habits of Spanish consumers and the increasing influence of the internet in shaping these habits.
