Lorraine Williamson
Spain’s winter sales 2026 are shaping up to be a contradiction in motion. People say they’ll spend more than last year, yet fewer are convinced the discounts are the real thing. The result is a rebajas season that looks less like a once-a-year bargain hunt, and more like a normal week of online price-watching — with a growing reliance on credit to make it all add up.
That scepticism matters because the winter sales still carry cultural weight. For many households, it’s the moment to replace worn-out basics, pick up children’s clothes after Christmas, or finally buy the coat that felt too expensive in November. This year, that “wait for the rebajas” instinct is being tested by inflation fatigue and permanent discounting.
Spending rises, confidence slips
Banqmi’s latest survey puts the average planned budget at €104.65 per person, up from €100.01 in 2025 — the highest level in the series for the winter sales period. Yet only 32.38% of respondents think the rebajas still deliver big discounts, slightly down on last year. The bigger story may be what happens outside the official sale window. A majority — 51.74% — say they find better offers beyond the traditional rebajas dates, suggesting Spanish consumers increasingly treat discounts as an all-year sport rather than a seasonal event.
When do the rebajas actually start?
In practice, many brands begin online earlier than in-store, and the “start date” has become more of a guideline than a rule. Since the liberalisation of sales periods, retailers can set their own calendars, but as a general pattern, many kick off online around 6 January and in shops from 7 January.
That flexibility is one reason shoppers feel the sales never really stop. If discounts appear on 2 January, flash mid-month, and then return with private sales and app-only codes, the classic rebajas can start to feel like branding rather than a special moment.
The map of spending: who budgets most?
Budgets vary sharply by region, reflecting different living costs, income profiles and shopping habits. Banqmi’s survey suggests La Rioja tops the table at €118.13, followed by the Community of Madrid at €111.98 and the Basque Country at €114.45.
At the lower end sit Galicia (€90.01), the Canary Islands (€91.10) and Extremadura (€91.45) — still higher than last year, but notably more cautious.
Online keeps winning — and the high street adapts
The shift to online buying isn’t new, but it’s now embedded in how people shop at the sales. Banqmi’s figures show “rebaja online” and “outlet online” remain major choices, while the traditional in-store rebajas option continues to lose appeal. Physical outlet shopping holds up better than standard high-street sale browsing, suggesting people will travel for a clear bargain, but not simply to “see what’s there”.
There’s also a behavioural change hiding inside the tech story: online shopping makes it easier to compare prices across weeks, not just across shops. That feeds the suspicion that some discounts are more marketing than maths — and it explains why more shoppers believe the best deals show up randomly, not on a timetable.
A quieter red flag: more people plan to pay with credit
The most worrying trend in the survey isn’t what people plan to buy, but how they plan to pay. Banqmi reports 41.13% expect to use a credit card for rebajas purchases — the highest share since 2019 — while the proportion planning to use savings falls to 14.75%, a series low.
This sits uncomfortably alongside broader signals that saving is under pressure. Spain’s national statistics show the household saving rate dropped to 4.6% of gross disposable income in the third quarter of 2025, down from 6.0% a year earlier.
None of this means every purchase is reckless. But it does suggest the rebajas are increasingly being used to maintain living standards — buying what’s needed now, even if the money isn’t fully there yet.
How to spot a real discount in Spain
If you’re shopping the sales this year, the most useful tool isn’t excitement — it’s memory. Consumer authorities remind shoppers that sale items must still display clear pricing information, and that the reference price used for a discount should be the lowest in the previous 30 days.
In plain terms: if a “was” price looks suspiciously high, you’re entitled to question it. Check price history tools where possible, screenshot the listing when you buy, and don’t be shy about asking staff what the reference price is based on. If you’re buying online, read the returns and delivery terms before you hit pay. A bargain that can’t be returned quickly stops being a bargain.
On payment, treat credit like a cost, not a convenience. If you can’t clear the balance promptly, the discount can be wiped out by interest far faster than most people expect.
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What this rebajas season is really telling us
The rebajas are still doing their job: they pull shoppers into the market, and they permit households to spend after Christmas. But the mood has changed. The modern Spanish rebajas shopper is less starry-eyed, more analytical, and increasingly comfortable hunting deals outside the “official” window.
If spending really does hit new highs, it may not be a sign of carefree confidence. It could be a sign that budgets are stretched — and that Spain is entering 2026 with consumers determined to keep buying, even as trust in the label on the discount slips.