The 2024 New Year sales are set to start on Wednesday 3 January and end Wednesday 31 January.
The period typically signifies a respite for retailers, although this year it is taking place in gloomier circumstances, according to a Thursday analysis by the Union of Middle Classes (UCM).
A UCM poll of almost 450 retailers in Wallonia and Brussels revealed that almost half of retailers (46.7%) carry unusually high stock for this period.
Additionally, 42% mention the use of alternative methods, including promotional offers, to reduce their inventory in the month leading up to the sales, known as the waiting period.
Around 35% of retailers are predicting lower sales figures, compared to 48.7% last year. However, the retailers are offering discounts starting from 30% to entice shoppers. This approach comes amidst a challenging backdrop for the retail sector, the UCM stressed.
More than half (57.1%) of respondents say their sales dropped in the last quarter of 2023, with only one in five (20.8%) having a positive outlook on the future.
They are particularly concerned about the economic climate, increasing cost of living eroding the purchasing power and the shifting consumer buying behaviour, linked to online purchasing amongst other factors.
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“Being a retailer in 2024 won’t be an easy journey,” warns the UCM. “Caught between fluctuating customer buying habits and fluctuating charges, retailers are finding it tough.”
To support them, UCM is urging fiscal incentives, their sustainability and an adaptation to the new requirements of retailers and consumer demands.
In Flanders, the independent fashion retailers surveyed by the Mode Unie and Unizo organisations are also hopeful of good sales following a tough end to the year. Among them, 56.7% reported lower winter season sales than last year.
