The Black Friday campaign encouraged consumption in Spain despite inflation and rising interest rates.
According to the Caixabank Research consumer monitor, card spending on online purchases grew by 18% in the third week of November compared to the same period of the previous year. The price reductions during this campaign, whose main day was Friday, November 24, not only encouraged electronic commerce. In-person consumption also grew by 7.3% year-on-year during this week. The payment processor Redsys confirmed the increase in spending during that day on Friday. “We will surpass the historical record with 65 million transactions, 15% more than on Black Friday the previous year and with peaks of 85,000 transactions per minute,” the company said in a statement on social networks.
According to the Caixabank Research report, the categories that registered the greatest increases during the third week of November were leisure and restaurants, with an increase of 15% compared to the same period of the previous year, followed by essential goods, with an increase of 11 %. In contrast, the retail category (retail trade) registered a slight decrease of -1.4%, after accumulating two weeks of growth (13% in the first of November and 4% in the second). Spending in the tourism segment also registered a slight decrease, of -0.5%, in line with the previous weeks of November and October.
This increase in spending, especially online, confirms the start of the Christmas campaign. According to a survey by the Aecoc association, half of Spanish consumers anticipated Christmas shopping by taking advantage of the Black Friday discount campaign. This commercial promotion also increased payment services by installments or in installments. According to data from the Sequra platform, which provides these services in Europe, operations of this type increased by 25% if the results are compared to the same month of the previous year. Price inflation as well as the rise in interest rates has reduced the purchasing power of households and this type of split payment services encourage consumption as they offer families greater flexibility.
Despite the increase in spending, the Black Friday campaign is viewed with suspicion by the small business sector. The PimeComerç employer's association distanced itself from these promotions with a campaign encouraging local consumption throughout Catalonia. In the world of work there were also movements against it. Specifically, from the Amazon Spain group staff, who denounced the conditions they have to endure during these days of increased workload. With the support of the (CC.OO.) union, the staff called a strike on November 27 and 28. After negotiations with the company, the strike was partially called off and only small centers, specialized in last mile logistics, finally carried it out.
