Since March 2021, month by month life has become a bit pricier than the year before. With the most recent data from the National Institute of Statistics (INE), October marked a 28.5% rise compared with October 2020; transport costs climbed 24%; restaurants and hotels rose by 17%; and housing, energy, and fuels added another 14%. As Black Friday approaches—a shopping event that unofficially kicks off the Christmas season and lasts through most of November—surveys show spending is up compared with a year ago. It isn’t always just inflation driving those increases.
Advisor KPMG and market analytics firm Appinio recently surveyed 1,000 Spaniards and found that 74% plan to buy during Black Friday. The event is expected to attract the largest audience, followed by January sales (57%) and pre-Christmas days (51%), with 44% of respondents intending to spend more than last year. These findings underscore a seasonal peak in consumer activity that translates to bigger baskets for many retailers.
The survey shows that half of the respondents who expect to take part cited inflation as the main reason for higher prices. Yet, 47% remain determined to enjoy the season without letting costs control their plans.
Financial situation of families
“Despite ongoing financial pressures, the current situation is less stressful than anticipated a few quarters ago,” notes Oriol Aspachs, Director of Spanish Economy at Caixabank Research, in the bank’s November analysis of the economy. He points out that gross family income reached historic growth in the second quarter and the savings rate exceeded 10% of household income. These savings act as an important buffer to support consumption in the coming quarters.
KPMG also highlights a consumer confidence environment that, while dipping after the summer, remains well above levels seen in September of the previous year.
Consumer behavior during the season
What else is affected? IESE professor and consumer behavior expert José Luis Nuenos believes the summer period revealed a pattern he calls the Carpe Diem mindset. This mindset prompts households to trim non-essential expenditures while continuing to spend on desired items. Non-discretionary costs such as energy, food, transportation, and rent are often reduced, whereas discretionary purchases may still be pursued in smaller increments. The idea is to balance necessity with the opportunity to enjoy some pleasures during the season.
In line with this, a study by the Association of Manufacturers and Distributors (Aecoc) found that Spanish consumers tend to prioritize clothing, footwear, and accessories during Black Friday, followed by electronics and home appliances, and then pharmacy, cosmetics, and personal care products.
Cash purchases
Recent crises have shifted how people plan their Black Friday shopping. Many aim to secure deals early and trim overall spend. The KPMG survey estimates that 37% intend to spend more now to save for the future on Friday, November 24, or in the days leading up to it. Aecoc reports 47% of shoppers are looking to buy, compared with 24% the previous year.
Industry insiders anticipate a strong turnout from shoppers. Publishers like El Periódico de Cataluña noted a solid reception, while Market Media reported rising interest in Black Friday over several years. Meanwhile, major players such as Amazon indicated record sales during the prior Black Friday season.
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