Despite the fall in inflation, domestic trade is still hit hard by the “price crisis”, said trade association boss Rainer Will. Consumers are still cautious about shopping. Still, merchants hope for a “Christmas miracle.”
The coming Black Week, with an estimated turnover of around 400 million euros, could be the starting signal. According to a survey by the Reppublika Research & Analytics Institute, 80 percent of Austrians are already planning to buy their Christmas presents during Black Week, that is, the series of offers around Black Friday and Cyber Monday. “More and more people are taking advantage of the promotional days, but are spending less and less,” says Will.
Black Week: Highest expenditure in Vienna
Black Friday in particular is becoming increasingly popular in physical stores; more than half of the approximately 1,000 respondents plan to purchase both online and physical stores this year. The planned per capita expenditure during Black Week in Vienna is particularly high (281 euros). Tyrol and Vorarlberg (266 euros each), as well as Lower Austria and Burgenland (263 euros each) are roughly on par with the Austrian average, followed by Upper Austria and Salzburg (262 euros each). The southern states of Styria and Carinthia bring up the rear (252 euros each). According to the research, women most often buy clothes, while men most often buy electronic devices.
The important role of Christmas markets
Will now has great expectations for the Christmas markets in particular. “They are the greatest opportunity to get people back to the shopping streets,” says the chairman of the trade association. The most popular are, in order, the Viennese Christmas markets in Schönbrunn, Spittelberg and Rathausplatz, followed in fourth place by Salzburg’s Christkindlmarkt.
There is a risk of “reduction” of the sales area
If Christmas activities continue to fall below expectations this year, there may be a “reduction” of space in stationary retail. On the political side, the trade association calls for more difficult conditions for “unfair online competition from the Far East”.
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.
