Retail trade - Retailers disappointed with Christmas business so far
The Saxon retail sector is disappointed with the Christmas business so far. "Overall, the predominantly very mixed Christmas business has picked up speed towards Christmas Eve, but unfortunately this has not yet been enough to fulfill the hopes and expectations of a large proportion of retailers," René Glaser, Managing Director of the Saxony Retail Association, told the German Press Agency in Dresden on Friday. The typical last-minute purchases were also limited overall. According to initial, still cautious forecasts, retail sales would be down on the previous year in real terms.
According to Glaser, the signs for the Christmas business were already not very encouraging. This was compounded by unfavorable weather conditions at the end of November and beginning of December. "Our hope now, however, is that a small final rally will develop in the days after the festive period - i.e. the days between the years, when many people traditionally visit Saxony, go on vacation and spend money - and that the retailers' final balance sheet at the end of the year will still be conciliatory."
According to Glaser, vouchers, books, perfumery, cosmetics and care products, watches and jewelry, as well as toys, electronics and clothing were the main items purchased this Christmas. Cash will also often be given as gifts. "The multiple global and national crises, the rising cost of living overall and the constant new reports of further cost burdens and the reduction of relief in connection with the budget dispute have unfortunately dampened consumption - we are still seeing a great deal of uncertainty among consumers."
Consumption always has a little to do with a gut feeling, explained the Managing Director. "Unfortunately, the familiar ease of the Christmas season and the joy of gift-giving are diminishing with the constant news of new crises, dwindling political reliability and declining trust."
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Source: www.stern.de
