2023-12-28 05:27:00
A survey conducted by the SNI among 200 merchants shows that fears about purchasing power have a real influence on purchasing behavior during this holiday season: 86% of them see a significant change in consumer behavior. the share of customers.
This results in particular in lower purchase amounts. “This is the main change noted by retailers. It is mentioned by almost a third of our respondents (32%),” explains the SNI. Another worrying phenomenon for retailers is the drop in store attendance. “29 % see less footfall in their store.” In addition, merchants also see another novelty, mentioned by 12% of those questioned: “More and more consumers today primarily purchase promotions as end-of-year gifts “This was rarely the case before. The consumer generally did not look at the price.” The SNI, however, sees a possibility of optimism for the sales which still remain attractive for these consumers hunting for bargains.
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Another concern for retailers: “24% note that consumers are buying less. It is a change which is part of a more sustainable overall societal vision,” continues the SNI.
”Retailers are noticing that consumers are spreading out their purchases more. Whereas a few years ago, end-of-year purchases were concentrated over two or maximum three weeks, consumers now begin their purchases from mid-November. It is clear that there is, in this respect, a Black Friday effect.”
Finally, the SNI always sees implicitly the influence of e-commerce on these results. “Online sales results continue to increase. It is obvious that this influences the consumer’s purchasing behavior. What he spends on the web, he cannot spend in a physical store. It is also very strongly influenced by the almost permanent promotions and discounts made on the internet and in particular by the large platforms. “Small” traders unfortunately do not have this possibility if they want to keep their heads above water,” concludes the SNI.
Belgian figures from StatBel for 2023 show that retail sales, excluding fuel, fell by 7.3% compared to September 2022. Sales in the textile, clothing, footwear and leather goods sector in specialized stores have even fallen by 14.5! This shows that retailers are banking on this holiday period and the upcoming January sales to turn things around.
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”These figures are partly explained by the fact that due to the heavy rains of recent weeks, people have been less inclined to do their winter shopping (and, for those who get up early, their Christmas shopping). In addition, after the wet but still quite warm weather, clothing and shoe stores still have a large surplus of new winter collections. After a great summer, it is not easy to get rid of this stock in record time during the holiday period,” says Dimitri Pelckmans of credit insurer Atradius. The loss-making figures of some toy stores indicate that even this sector is also going through difficult times. As for our neighboring countries, Atradius analysts also predict a difficult period. In the Netherlands, retail sales are expected to decline by 2.3% in 2023. Italy (-2.3%), France (-2.6%), Germany (-2.8%) and the United Kingdom (-2.1%) are in the same situation. With annual inflation forecast at 3.8% in 2024 and a one-off wage increase of 2.3% for many workers, Belgian consumers are likely to remain cautious next year.
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