Spaniards expect to spend an average of €497 this Christmas in 2022, which is 5% less than last year. Inflation and possible recession are making Spaniards a bit more cautious. However, many Spaniards say they will spend more money than they would like.
This is according to data from the fifth edition of Accenture Retail’s annual Christmas shopping survey, which analyses the consumption habits and spending trends of Spaniards at Christmas. The survey shows that 23% of consumers admit that they will have to spend more money than they would like this year due to price increases.
Basques in the lead
Consumers in the Basque Country plan to spend the most (€632), followed by residents of the Madrid region (€531) and Andalucia (€521), while those in Asturias (€307), Navarre (€413) and the Canary Islands (€439) plan to reduce their spending.
Alberto Molina, managing director of Accenture Retail in Spain, Portugal and Israel, explained that the report reflects how inflation has affected consumers’ budgets and that they expect to reduce their spending for Christmas compared to 2021, also taking into account projections of price increases for 2023 and the worry of a possible recession.
Looking forward to the holidays
Still, Spaniards are looking forward to Christmas, as 80% of respondents said. Moreover, 30% say they are looking forward to buying something nice for themselves or giving gifts to family and friends. However, 33% expect to cut back on the budget for gifts for people who are a bit more distant.
The survey data shows most of the money will go towards tangible gifts. For instance, 64% of Spaniards consulted will give clothing and footwear as gifts. And 59% will give some kind of food item. Half of consumers say they will opt for beauty products or services, sportswear, toys or electronic devices. 48% will go for gift vouchers and 47% for travel. 29% plan to buy virtual gifts to give to others.
Physical shops, metaverse or online
65% of Spaniards will make most purchases in physical shops. Moreover, 12% of respondents plan to shop in the ‘metaverse’, via the virtual 3D world. 72% say they will visit online shops during the Christmas period, mainly well-known and trusted brands, with clothes and shoes being the most popular.
On the other hand, retail plays a key role in attracting spending from Spaniards. The percentage of consumers expecting free and fast shipping on their online purchases is steadily increasing. In 2022, it was already 52%, while before the pandemic, in 2019, it was 31%.
About a quarter of Spaniards are not satisfied with delivery. 23% are frustrated by delivery delays, while 19% complain about the slowness of delivery.