Almost half of Spaniards plan to increase their purchases during the most important quarter for sales, the current one, which runs between November and January. The so-called “golden quarter” for retail companies. But consumers are going to change their habits, at least that is what they suggest, due to persistent inflation. Specifically, families are going to increase their commitment to offers and second-hand products, according to a survey carried out by KPMG in collaboration with Appinio released today.
The CPI, despite its moderation in relation to last year, will once again be the protagonist these three months, says Enrique Porta, partner responsible for consumption and retail at KPMG. For this reason, Spaniards are going to find ways to go to stores or buy online. This year the average budget per person in discretionary spending, excluding basic elements, is 727 euros. More than last year. The problem is that rising prices will make consumers purchase fewer items, concludes the survey carried out on 1,000 potential buyers between 18 and 65 years old last week.
Thanks to the stored savings, which have increased, according to data from the National Institute of Statistics (INE), Spaniards assure that they will spend more in the coming weeks. 44% above what they did last year, specifically. Young people are the ones who will increase their disbursements the most. The national figure agrees with the increase in spending in the United States, where consumers will spend around $1,100 during the same period, 5% more than what was recorded in 2023. 35% of Spaniards assure that they will spend a similar amount to that of last year and 21% say they will reduce their spending on non-basic purchases.
Why will four out of ten Spaniards spend more, despite economic uncertainty? Those surveyed answer that, obviously, because of the increase in prices, but they also admit that because they want to enjoy more. Half answer that the desire for leisure will drive their spending habits.
The main concern of consumers is, therefore, excessive prices. For this reason, up to 65% assure, always according to the survey carried out by KPMG, that they will look for offers with greater intensity. It will, in fact, be the year of promotions, highlights Porta. Or at least that is the consumer's expectation. In fact, half of those surveyed say they are clear about the products they want and are determined to buy them only “when they find good deals.” The increase in private label also responds to this habit of products with more affordable prices.
The persistence of inflation will also lead consumers to purchase second-hand products more frequently. It is a purchasing possibility that “emerges”, indicates the KPMG study, also for environmental reasons. Half of the buyers will opt for this modality between November and January.
In this context, Black Friday is positioned as the event preferred by Spaniards in terms of purchase intention in this period of high transactions. Three out of four will buy those sales days, compared to 51% who will do so during the days before Christmas and 57% who will wait for the January sales.
And what do Spaniards plan to spend their money on, excluding basic necessities? Seven out of ten will buy clothing, footwear and accessories and 60% will use it for bills in restaurants and bars. Leisure, also including travel, rebounds strongly towards the last days of the year and the first of the next.
By channel, 31% will choose to buy in physical stores, a format that is gaining followers after the pandemic; 21% will do it online and 49% will use both formats.
An additional piece of information offered by the KPMG survey is that a part of Spaniards will go into debt to be able to cover their Christmas expenses. Specifically, 20.4% plan to resort to some type of financing.
