Spanish textile trade to grow 4% during Christmas: ACOTEX

After six years of continuous decline due to economic crisis, sales of textiles in Spain, is estimated to grow by 2 to 4 percent year-on-year during the Christmas season, according to the Business Association of Textile and Accessories (ACOTEX).

Borja Oria, president of ACOTEX, said trade will begin to recover during Christmas season in the country, which would also result into increased employment in the industry, reports Spanish news agency EFE.

Fashion products, clothing and accessories, still continue to rank first amongst the most desired gifts by people, and thus textile trade during Christmas season will receive a significant boost, he added.

Mr. Oria informed that last year, a decline of 11 percent was recorded in textile sales, which was a cumulative drop of 30 percent over the past six years in Spanish textile trade. The ACOTEX official is of the view that higher taxes, especially value-added tax (VAT), during 2012, also negatively impacted trade in the country.

According to ACOTEX, another factor that would boost textile trade is bonus payments received by the employees during the season which would also result in increased expenditure. The association also estimates that spending during Christmas would increase to ?71, from last year’s ?59.

Moreover, the ACOTEX official stressed that Christmas is a crucial time for the Spanish economy as rise in the number of jobs would result into reintegration of thousands of people who are currently unemployed.