Spain might witness a surge in clothing prices over the holiday season. The prices may rise by at least 5 per cent over six months till February, claimed a survey of retailers by ARTE business group. Members include Zara owner Inditex, H&M and Primark.
The first survey conducted by the ARTE group found that 75 per cent of executives expected a price rise of 5 per cent at a time when inflation in Spain is reducing. The prices are expected to surge in the holiday season, compared to the previous six months period between March-August this year.
According to the survey, executives predict that clothing and footwear prices will increase by an average of 2.2 per cent from September to February, a rise comparable to the 2 per cent increase in the textile retail sector during the same period last year.
The country expects to welcome a record number of tourists in 2024, which is driving predictions of stronger economic growth compared to other European Union nations.
