Around one-third of consumers in Austria plan to shop on “Black Friday” (November 29) and the following “Cyber Monday” discount days, according to a survey commissioned by the Chamber of Commerce.

However, they intend to spend only €195 per person this year, down from €215 last year. This represents a 10% drop in overall sales, from €480 million last year to €430 million this year, according to a statement from the Chamber’s retail division on Monday.

“The price increases of the past seem to have left a mark on consumers’ minds,” Rainer Trefelik, chairman of the retail division, said in the statement. “If even major sales events with attractive discounts can’t boost purchasing enthusiasm, it’s a clear sign of the intense pressure the retail sector is under.”

Trefelik also believes that these discount days have become more of a loss-making exercise for retailers. Citing a study by consultancy firm Kearney, he explained that such events don’t typically generate additional sales, but instead encourage consumers to buy items they were already planning to purchase at a lower price.

While there is an increase in sales around Black Friday, this is often offset by reduced spending before and after the event. Furthermore, since consumers tend to focus on bargains during these days and buy fewer items at regular prices afterwards, the Kearney study concludes that Black Friday ultimately results in a net loss for retailers.