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Who knows what Bajans are spending on this Christmas?

by Barbados Today
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Undoubtedly, the Christmas season is the most critical revenue generating period for most businesses on the island, as it is in most countries around the world.

 

And while there are predictions of a bumper tourist season to further enhance the income possibilities for most businesses, some in the retail sector say they are still awaiting the big show of consumer confidence, a week out from Christmas Day.

 

Anecdotal information leans heavily on the assumption that the very high cost of living in this country is causing a strain on shoppers’ ability and disposition to splurge on gift purchases, large supermarket shopping or even big-ticket items such as refrigerators, stoves and furniture.

 

The National Retail Federation (NRF) in the United States, which describes itself as an organisation that “stands up for the people, policies and ideas that help retail succeed” focuses on promoting the interest of private sector retail operators across the country.

 

The NRF boasts of the retail sector, that it “contributes US$5.3 trillion to the annual GDP. No other industry comes close.”

In a statement in October, the NRF contended that American consumer spending for the holidays was expected to reach a record US$902 per person on average with spending on gifts, food, decorations and other seasonal items.

 

It was able to provide these statistics from its consumer survey conducted by Prosper Insights & Analytics. That survey showed the amount would be about US$25 per person more than last year’s figure and was US$16 higher than the previous record set in 2019.

 

The data was even more specific, revealing that the increase in holiday spending would be largely attributed to gifts for family members. Of the US$902 shoppers plan to spend, approximately US$641 is on gifts for family, friends, co-workers and more, which is an increase from US$620 last year. The remaining US$261 will be spent on other seasonal items such as food or candy, decorations, greeting cards and other holiday items.

 

Juxtapose this to the current situation outlined by Barbadian retailers and their main representative body, the Barbados Chamber of Commerce & Industry (BCCI). Its president Mr James Clarke reported a “mixed bag” from his retail membership for the 2024 Christmas shopping season.

 

According to Mr Clarke, the feedback suggests that “things were trending upward and some downwards, while others said sales were picking up after a slow start”. He told the media: “They’re hoping for a good weekend – this weekend and the next weekend.”

 

Another leading retail voice was Eddy Abed, a former BCCI president who explained, “The closer we get to Christmas, we find that the traffic in our stores has gone up. We still have a whole ten more days, and that makes a huge difference because obviously a lot of people haven’t received their December pay cheques.

 

“They haven’t received their bonus payments, or meeting money, so a lot of things are going to happen within the next few days.”

What is most apparent in the Barbados context, is the lack of statistical data that drills beyond the abstract positions and paints a fuller story for businesses and consumers alike to understand.

 

It would be critical for businesses to at least have information from Barbadian households on how much they are prepared to spend this Christmas; whether they will be obtaining loans to support their Christmas shopping ambitions; what proportion of their disposable income will be going to groceries, gifts, entertainment or clothing? Will consumers skimp on traditional items like curtains and soft furnishings, or will it be put towards eating out over the holidays and Old Year’s Night celebrations?

 

These may seem mundane or even trivial, but the answer to those specific questions would allow buyers for the retail sector to be more selective in what they put on the market, which items will be fast movers, and which will likely still be there come Easter.

 

Why is it important to make data-driven business decisions? It affords those enterprises to have greater control over the path they want to take and their interactions with consumers.

 

It is simply good business. Actions that are based on objective data, concrete evidence and results can be effectively measured. If those actions can be measured then so too can the impact be assessed.

 

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