Winter discounts are underway. Although the official kickoff is January 7, many retailers begin offering promotions early so shoppers can finish their Christmas purchases and gifts for the Three Kings. Prices continue rising across the year, and consumers are aligning their plans with what they anticipate spending during this discount period. A finance comparison service, Banqmi, tracked purchasing trends and found that January 2024 shoppers planned an average spend of 96.45 euros, up 2.19% from 2023 and nearly identical to 2022 at 96.33 euros.
When the Banqmi survey breaks down the budget by autonomous communities, regional variations become striking. Eight regions exceed 100 euros on average. La Rioja tops the list at 109.33 euros, surpassing the Basque Country at 107.44 euros. Following are the Community of Madrid at 103.44 euros, Asturias at 103.33 euros, the Valencian Community at 101.33 euros, Cantabria at 100.99 euros, Navarra at 100.56 euros, and Aragon at 100.03 euros.
On the other end, Galicia records the lowest average budget per shopper at 82.90 euros. It is followed by Extremadura at 85.45 euros, the Canary Islands at 85.55 euros, and Melilla at 87.33 euros. The finances expert Antonio Gallardo notes that these gaps reflect historical spending patterns tied to local traditions where the discount value holds greater significance.
Gallardo also points to Castilla y León, which, although not among the highest spenders, posted the largest one-year increase of 11.10 euros to reach 96.44 euros. Conversely, regions with higher averages sometimes show declines: the Basque Country slips to 110.23 euros on average, Navarra drops from 102.90 to 102.34 euros, and the Valencian Community experiences a similar dip of around 2 euros.
Credit card adoption rises during the sale
Another notable finding from the Banqmi survey is the growing use of credit cards to finance purchases during the winter discount period. Over the past three years, card financing has outpaced other payment methods and continues to gain traction. In 2024, 39.14% of respondents indicated they would use a credit card to pay for installments, illustrating a clear shift toward credit-based budgeting for seasonal shopping.
Antonio Gallardo warns about the potential risk: the concern does not lie with card usage itself but with how purchases are managed. When payments are split into small installments, the interest burden can become substantial — sometimes around 18% on a product, according to the latest Bank of Spain figures.
To reduce debt risk, Banqmi’s financial expert recommends practical strategies for better control. These include allocating purchases to specific months and paying off more of the total when possible. If unexpected funds arrive, there is room to accelerate amortization and reduce the overall balance.
Saving as a last resort
Another notable trend is the decline in the use of savings to fund purchases. While still an option, it has become less common since 2022, with about 16% of voters in the Banqmi survey selecting savings as a funding source. Additional shifts are seen in payments funded by Christmas gifts or by the monthly income gains, which also show a downward trend compared to previous years. The declines are gradual, but they signal a broader move toward alternative payment methods during the season.
Overall, shoppers are balancing the appeal of discounts with the realities of rising prices and debt risk. As the winter sale period unfolds, awareness of budgeting and payment options remains crucial for maintaining financial health while taking advantage of promotional offers.