Summer sales are launching on Saturday, sparking optimism among merchants, who are hoping to see customers return throughout July.
As is tradition each summer, from 1st to 31st July, the sales provide an opportunity for merchants to clear their stock and for customers to find bargains due to price reductions.
Retailers are currently displaying a high level of optimism, according to polls conducted by the Union of Middle Classes (UCM) and the Union for Self-Employed (SNI).
“Significant” stock levels are being reported, according to a UCM survey. The trade body notes that more than four out of ten merchants have even more surplus than in previous years.
While half of the merchants surveyed by UCM claim to have sold less over the past six months, only three out of ten anticipate fewer sales during the sales period, as compared to nearly one out of two last year. According to the SNI, over half of the retailers believe they will not need this period to save their fiscal year.
Sales begin with more modest discounts
Contrary to last year, when opening discounts were more substantial, merchants will predominantly begin sales at 30%, a “more traditional percentage”.
The SNI notes that while nearly half will offer 30% or more reductions, more than one in ten retailers will immediately begin with 50% reductions starting from Saturday.
According to Belgian laws concerning discounts, any reduction in price must be indicated with the previous amount, in addition to the selling price. This previous price must be the lowest amount charged by the company during the 30 days preceding the sale.
For products that have been on the market for less than 30 days (the “new goods”), the reference period is set at 7 days.
