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Christmas comes slowly to austerity-hit Europe
Source: Agencies |
December 22, 2012, Saturday
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ACROSS Europe, holiday "shoppers" this season are doing more browsing than buying.
Retailers remain hopeful for a last-minute burst of Christmas consumerism, and some governments are encouraging it by allowing stores to open tomorrow. But with economies across the region slowing and unemployment soaring, analysts say holiday spending in Europe is bound to disappoint for the fourth year in a row.
In Rome, some shopkeepers say holiday sales are down 20 percent from last year. In Paris, refurbished second-hand toys are attracting buyers. And in Spain, which has Europe's highest unemployment rate, some families are contemplating whether to give gifts at all.
As in the US, holiday shopping is vital to many businesses: British non-food retailers can make up to 50 percent of their profits in the end-of-year push. In Germany, holiday business accounts for 30 percent of annual toy sales.
But the arc of the holiday shopping seasons is a little different in every country. The Dutch open presents on December 5, the eve of St. Nicholas day and the last night of their "Sinterklaas" celebration. In Spain, many children tear open presents on Jan. 6, when tradition has it the Three Wise Men brought gifts to the baby Jesus. In Britain, France and most of Europe gifts are exchanged on December 25.
As the 17-country eurozone slips back into recession, this festive season may mark a new normal for Europe, analysts say. Gone are the heady days when every holiday season meant a new record breached for sales. Instead, shops will have to fight it out for shoppers, hunting for bargains and quality and willing to wait for both.
"Every year it comes later," said Joachim Stoll, who co-owns Leder-Stoll OHG, a leather and luggage retailer just off the glittering Zeil pedestrian shopping quarter in Frankfurt, Germany. "People wait longer and longer, even after Christmas."
European retailers are crossing their fingers that a boost will still come, as it did this year for the US There, total sales for the four-day weekend that kicks off the holiday shopping season around Thanksgiving in late November rose 2.7 percent to US$22 billion, compared with the same period a year ago, according to ShopperTrak. Sales since then have fallen 4.4 percent compared with last year, ShopperTrak reported Wednesday.
Austerity measures implemented to combat the continent's debt crisis have hit Europe's economies hard: Nine countries in the 27-member European Union are in recession and unemployment across the region is 10.7 percent.
Retail sales across Europe have been on a steady decline since August and have yet to match levels last seen since the start of the Great Recession in 2008. In October, the latest month for which official figures are available, retail sales in the European Union fell 1.1 percent from the previous month and 2.4 percent from the previous year, according to Eurostat. In Germany, Europe's biggest economy, retail sales fell 3.8 percent in October from the previous year.
"After a relentlessly tough year for retailers throughout 2012, many are now bracing themselves as spending doesn't seem to be headed for a big step-up at Christmas," said Shweta Chaudhury of MasterCard SpendingPulse, which estimates total U.K. retail sales across all payment forms.
Retailers remain hopeful for a last-minute burst of Christmas consumerism, and some governments are encouraging it by allowing stores to open tomorrow. But with economies across the region slowing and unemployment soaring, analysts say holiday spending in Europe is bound to disappoint for the fourth year in a row.
In Rome, some shopkeepers say holiday sales are down 20 percent from last year. In Paris, refurbished second-hand toys are attracting buyers. And in Spain, which has Europe's highest unemployment rate, some families are contemplating whether to give gifts at all.
As in the US, holiday shopping is vital to many businesses: British non-food retailers can make up to 50 percent of their profits in the end-of-year push. In Germany, holiday business accounts for 30 percent of annual toy sales.
But the arc of the holiday shopping seasons is a little different in every country. The Dutch open presents on December 5, the eve of St. Nicholas day and the last night of their "Sinterklaas" celebration. In Spain, many children tear open presents on Jan. 6, when tradition has it the Three Wise Men brought gifts to the baby Jesus. In Britain, France and most of Europe gifts are exchanged on December 25.
As the 17-country eurozone slips back into recession, this festive season may mark a new normal for Europe, analysts say. Gone are the heady days when every holiday season meant a new record breached for sales. Instead, shops will have to fight it out for shoppers, hunting for bargains and quality and willing to wait for both.
"Every year it comes later," said Joachim Stoll, who co-owns Leder-Stoll OHG, a leather and luggage retailer just off the glittering Zeil pedestrian shopping quarter in Frankfurt, Germany. "People wait longer and longer, even after Christmas."
European retailers are crossing their fingers that a boost will still come, as it did this year for the US There, total sales for the four-day weekend that kicks off the holiday shopping season around Thanksgiving in late November rose 2.7 percent to US$22 billion, compared with the same period a year ago, according to ShopperTrak. Sales since then have fallen 4.4 percent compared with last year, ShopperTrak reported Wednesday.
Austerity measures implemented to combat the continent's debt crisis have hit Europe's economies hard: Nine countries in the 27-member European Union are in recession and unemployment across the region is 10.7 percent.
Retail sales across Europe have been on a steady decline since August and have yet to match levels last seen since the start of the Great Recession in 2008. In October, the latest month for which official figures are available, retail sales in the European Union fell 1.1 percent from the previous month and 2.4 percent from the previous year, according to Eurostat. In Germany, Europe's biggest economy, retail sales fell 3.8 percent in October from the previous year.
"After a relentlessly tough year for retailers throughout 2012, many are now bracing themselves as spending doesn't seem to be headed for a big step-up at Christmas," said Shweta Chaudhury of MasterCard SpendingPulse, which estimates total U.K. retail sales across all payment forms.
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