It smells of punch and bratwurst, flashing Christmas lights draw attention to stalls and attractions – Christkindl and Christmas markets are simply a must in the weeks leading up to December 24. And: according to the forecast of the Institute for Trade, Sales and Marketing of the Johannes Kepler University in Linz, the cash registers will ring there again this year.
Retailers complain about the slowdown in consumer confidence and competition from online stores and low-cost suppliers from China. Many stationary shops in city centers are empty because it is difficult to find successors… But: There should be no sign of this crisis at the Christmas markets this year!
A turnover of 330 million euros is expected
“Despite the difficult economic situation and the continued lack of recovery in consumer spending, we expect a positive Christmas market season. “Sales on traditional markets in the run-up to Christmas will rise to 330 million euros this year, once again exceeding pre-crisis levels,” says Ernst Gittenberger from the Institute for Trade, Sales and Marketing at Johannes Kepler University in Linz.
In 2019, traditional Christmas markets in Austria achieved a gross turnover of around 320 million euros, but in 2020 this collapsed to 140 million euros due to the measures taken during the Covid pandemic. Things have been improving since then: in 2021 the markets achieved a turnover of 160 million euros, in 2022 this was 310 million euros and the year before that was 320 million euros.
Shops in the area also benefit from it
Retailers also benefit from punch stands and the like. Reason: They increase the frequency, ensure that people stay in city centers longer and also increase the willingness to spend money, explains Christoph Teller of the JKU.
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.
