Spaniards spend less, give fashion a miss
Despite summer sales offering up to 70 percent discounts, consumers are buying less than previous years.27 August 2008
BARCELONA -- The summer sales, with discounts of up to 70 percent, have failed to lift the gloom that has descended on Spain's fashion retailers since the start of this year as the domestic economy went into a nose-dive and consumers tightened their purse strings.
"The summer sales have gone well, with increases of between 15 and 20 percent, but that hasn't managed to offset the poor spring-summer season, with falls since March of around 6 to 7 percent," the secretary general of the Spanish Confederation of Trade, Miguel Ángel Fraile said.
A relatively mild summer has also kept consumers out of fashion shops. "The weather and the crisis would justify falls of around 2 to 3 percent but falls in sales of between 15 and 20 percent do not add up; there has to be a psychological factor," Fraile says.
According to the National Statistics Institute, retail sales in general have fallen every month this year, dropping 9.8 percent in June.
Acotex, the Madrid association of clothing and fashion accessory retailers, estimates that sales in May and June were down 19 and 22 percent respectively from the same period in 2007.
[El Pais / Amanda Mars / Expatica]