Spaniards will see the biggest rise in food costs in Europe over Christmas, with an increase of 13.5% compared to last year, making Spain the market with the highest growth in this category and surpassing Hungary (12.1%) and Italy (7 .8%). Overall, Europeans will spend 5.2% more on food this Christmas.
This is the finding of a Mastercard study that analysed the spending trends expected this Christmas in nine European markets based on data from its SpedingPulse. The data collected reflects nominal spending, but without adjusting for inflation, and compares the expected spending between November 1 and December 24, 2023, with respect to 2022.
“Our data shows cautious optimism among European consumers, many of whom will engage in more conscious consumption, taking into account how inflation, rising mortgage payments and an uncertain economic environment are affecting countries. The good news for businesses is that there is a continued desire to spend, especially on gift buying and catering,” says Natalia Lechmanova, senior European economist at the Mastercard Economic Institute.
Spaniards will buy in physical and online stores. After the pandemic, online shopping led the purchasing option of Europeans, however, currently, consumers opt for a hybrid purchasing model both in physical and online commerce. The data indicates that Europeans will spend 4.8% more in a physical store, with France (7.9%), Spain (7.5%) and Italy (6.6%) at the top of the ranking.