Alex Trelinski
CLOTHES sales in Spain went up by 4.2% in October compared to a year earlier but that was close to half of September’s rise.
Fashion association Acotex says customers should expect few major Black Friday bargains as their members fell the economic pinch.
Acotex said the October slowdown was in stark contrast to September’s annual rise of 7.9% with shop footfall said to have fallen significantly last month.
Despite the October reduction in growth, clothing sales have overall gone up by 14.1% over the first ten months of 2022, compared to the same period last year, but businesses are trying to absorb what rising costs they can.
Acotex president, Eduardo Zamacola said: “I understand the October sales fall as customers have less money in their pockets due to bill rises, which means what they have goes on essentials like food and energy.”
Zamacola also called on tax cuts so that families will have more money to spend.
He also had bad news for shoppers eyeing some Black Friday bargains around November 25.
“We don’t expect any aggressive Black Friday discounts as rising costs like electricity, transportation and raw materials mean that businesses don’t have the margin to offer big reductions,“ said Zamacola.
He added that some discounting will happen because customers expect them but he described them as ‘light’.
READ MORE:
- Spanish fashion retailer Inditex known for brands like Zara and Bershka says prices will rise by 2%
- Spain’s annual inflation rate produces big October fall
