Arab Today, arab today christmas belttightening in crisishit europe
Last Updated : GMT 12:29:40
Arab Today, arab today
Arab Today, arab today

Christmas belt-tightening in crisis-hit Europe

Arab Today, arab today

Arab Today, arab today Christmas belt-tightening in crisis-hit Europe

Paris - AFP

Europeans are tightening their belts and spending less on Christmas gifts this year as they struggle with incomes hit by austerity measures or fear the economy could worsen in 2012. Mother Nature is helping retailers in many countries this year as there have been no snow storms keeping consumers home and playing havoc with deliveries. However sharp spending cuts and tax hikes due to the debt crisis in countries such as Britain, Italy, Greece and Spain, along with fears of a recession next year, are leading many consumers to restrain their spending despite a flurry of promotions. "Many shoppers this year find they need to consider their spending more astutely, reduce the number of people on their Christmas lists and turn to more practical and useful presents when gift giving," said Deloitte in its annual Christmas spending survey. The consulting firm estimated in September that overall Europeans would trim their spending on Christmas gifts, food and entertainment this year by an average of 0.8 percent to 587 euros, although the results vary considerably by country. With the deepening of the crisis in the past two months the belt-tightening is likely to be even greater. This is something that many Chinese manufacturers who were left with piles of unsold toys and decorations discovered first hand. Jean-Emile Rosenblum, a cofounder and vice president of the Pixmania electronics and photo publishing website that operates in 26 countries, estimates a five to seven percent drop in the average sale amount as customers cut back. "There has been a crisis effect, cheaper products are selling, consumers are looking for the cheapest prices," he said. "There are countries where things are getting tougher and tougher," added Rosenblum, citing in particular southern European countries. Greeks are celebrating this year their fourth Christmas in recession as the country's economic contraction accelerates under the effect of tax hikes and spending cuts imposed under its international bailout. Dimitria, a retired state employee, said pension cuts and higher taxes had led her to settle for "less expensive gifts" this Christmas. In Spain, which has also imposed stiff austerity measures and where over a fifth of the workforce is unemployed, consumers are expected to cut back holiday spending by 17 percent to an average of 560 euros, according to the Spanish consumer federation FUCI. -- A "modest" Christmas or one "without presents" -- In Portugal, which is also being bailed out and its being forced to impose cuts, many workers have lost special bonuses for buying Christmas presents. Nuno Camilo, head of the retail association in Portugal's second city of Oporto, predicts a "Christmas without presents" for many families. Overall, he expects holiday spending to be down 500 to 600 million euros this year in Portugal. Expectations that the crisis will worsen are leading two thirds of Italians to trim holiday spending, according to a study by the employers' association Confesercenti. It estimated Italians would spend 1.2 billion euros less of their annual bonuses on celebrating the holiday. Eight out of ten Italians said their Christmas this year would be "modest" in a survey conducted by the retail association Confcommercio. In Britain, where austerity measures are also biting at consumers, retail sales fell by more than forecast in November at 0.4 percent, which augurs poorly for Christmas. Shops saw drops in the number of customers in the first week of December, which "shows festive sales are still on a knife edge", said Stephen Robertson, head of the British Retail Consortium. A number of British retailers are already forecasting sales to be down. Retailers active in southern Europe, like Germany's Metro and France's Carrefour, have also lowered their forecasts. While Deloitte was still forecasting in September a modest gain in holiday spending in France at 1.9 percent to 606 euros per household, the CREDOC research group expects spending on gifts will likely fall although food expenses should hold up. In Germany, holiday spending should drop slightly but still remain at a high level according to the GfK research institute. "Christmas remains a very traditional holiday and gift-giving is part of that tradition," said Wolfgang Adlwarth, who conducted GfK's Christmas survey. Internet retailers are some of the few to have something to cheer about as bargain-hunting consumers flock to the web. "In times of reduced spending people turn in particular to e-commerce," said Xavier Garambois, head of Amazon in France. The association of French web retailers expects a 20 percent jump in sales this Christmas to 7.4 billion euros, although this is largely due to an increase in both the number of retailers and consumers. The growth should still compensate for a lower average sale amount, said Marc Lolivier of the web retailers association FEVAD.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today christmas belttightening in crisishit europe Arab Today, arab today christmas belttightening in crisishit europe

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday