Christmas is exactly one month away. Austrians are increasingly abandoning their savings plans, according to a recent survey. While the majority still wanted to save on Christmas gifts in mid-October, that was ‘only’ 38 percent in mid-November.
According to a study by the Institute for Trade, Sales and Marketing at Johannes Kepler University (JKU) Linz, the Austrians surveyed want to save the most on gifts for colleagues and acquaintances. With children or partners, on the other hand, it can cost more. All in all, however, it is not yet possible to make a reliable forecast for the Christmas business, according to the institute’s Ernst Gittenberger and its board member Christoph Teller.
“The outlook is still bleak – but a little brighter than a month ago.” The trade experts were referring to the fact that in mid-October 52 percent of Austrians surveyed still wanted to save on gifts. In mid-November that was only 38 percent. However, the conditions for the purchasing process are subject to strong fluctuations this year. Compared to 2021, last year’s lockdown and currently high inflation should be taken into account.
Black Week flushes 450 million euros into the treasury
The current Black Week is likely to bring 450 million euros into retailers’ coffers. “Black Friday is both a blessing and a curse for us,” said Rainer Willi, general manager of the Retail Association. The industry hopes for a successful start to the Christmas business, but is forced by the discounts of the competition to keep prices low. This is how customers should be won in the first place.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
