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    HomeChinaForeign media: European Christmas shopping season encounters headwinds

    Foreign media: European Christmas shopping season encounters headwinds

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    Beijing, December 12. “Reference News” published “Nihon Keizai Shimbun” on the 12th to report “European Christmas shopping season encounters headwinds”. The abstract of the article is as follows:

    Statistics from the German Retailers Association show that the retail sales of this year’s Christmas shopping season are about 120 billion euros, with a nominal growth rate of 5.4%, but inflation-adjusted The actual growth rate was negative 4%. This will be the weakest Christmas shopping season since 2007, and online sales will actually fall into negative growth.

    Two-thirds of the survey of about 400 retailers said foot traffic was lower than last year. Only one in five merchants are satisfied with the current performance of the Christmas shopping season. “Consumers are cautious because of the uncertainty caused by soaring energy prices,” said Gantt, director general of the German Retailers Federation.

    The UK also faces strong headwinds. Deloitte of the United States conducted a survey of 3,000 people living in the UK and found that about 60% of the respondents would reduce Christmas spending, and 40% said they would switch to cheap brands when shopping for Christmas gifts.

    Inflation levels in European countries are still hovering at high levels. The consumer price index in the euro zone rose 10% in November. Among the 19 countries in the euro zone, 11 countries have double-digit inflation rates. For example, Germany’s inflation rate in November was as high as 11.3%. UK inflation also hit a 41-year high of 11.1% in October.

    According to calculations by the Bruegel Institute, EU member states have allocated 600 billion euros since September 2021 to help households and businesses cope with inflation. Despite the huge fiscal stimulus, the Christmas shopping season remains sluggish, reflecting the reality that the European economy is seriously cooling down. The euro area may usher in two consecutive quarters of negative economic growth in the first quarter of 2023, which will also exacerbate concerns that the euro area economy is about to fall into recession.

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