While Christmas is often the most anticipated shopping season, the holidays may bring little cheer for many businesses this year.
With the Yuletide season over five weeks away, Senior Vice President of the Barbados Chamber of Commerce and Industry Anthony Brancker suggested that while some establishments may do well, it will not be the same experience for all as Barbadians cut back on spending.
“We have been seeing a trend where there is quite conservative purchasing and that has resulted in basket values diminishing, and therefore because persons have less disposable income, they would try to ensure that on the consumer durable side – where the curtains and the tablecloths and the carpets and those type of things – those are the areas that you will see some level of increase in business.
“However, the trade across the retail particularly the supermarket trade, is where persons have been purchasing very conservatively. They have been what we refer to as ‘shopping down’ and buying the cheaper brands and so forth, but at the same time remember that the business continues to run at the same cost to run it,” he said.
However, Chief Executive Officer of the Small Business Association, Senator Lynette Holder, took a different stance, anticipating an uptick in sales.
She highlighted that in this Covid environment, Barbadians will try as much as possible to hold on to traditions, which leads to an increase in shopping as homes are fixed up and more money being spent with the “lifestyle type” micro and small businesses.
“The fact is Christmas is going to provide an opportunity for firms to make some money during this time. It is really now for us to respond to the expected demand for capital to be able to purchase the supplies and to be able to get their businesses ready,” she stated.
The two were part of a panel discussing the impact of the Covid-19 pandemic on local businesses on the Caribbean Broadcasting Corporation’s The People’s Business programme on Sunday night.
(JMB)
