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13 NEWS maltatoday | SUNDAY • 4 DECEMBER 2022 Christmas costings: a sober affair as prices rise Pop-up power: Mallia & D'Amato... book curators on the up merely buying and more about the experience of being in the space," Reljic says. "At Kixott, we believe that this can also serve as something of a balm to the current status quo of easy availability and endless distrac- tion: yes, you could in theory have everything delivered to you at the click of a button, but how do you then actually pro- cess that overwhelming array of choice in a way that makes sense to you? Curation implies a de- gree of selection, which means that at the very least, that paral- ysis of overly-available choice is taken care of." A smaller selection also means that an actual conversation can be had between buyer and sell- er about the stock, so that the prospective buyer can come to a decision on what they'd like to purchase without having to parse through endless online re- views. "A conversation may also encourage readers to buy some- thing that is out of their imme- diate comfort zone... the latter of which is very much catered to by online algorithms," Reljic said. Independent bookshops may not be in a financial position to offer large-scale discounts to clients and neither do they ben- efit from the economies of scale of bulk-buying, but they manage to create a connection between authors and their readers. Being run by book-lovers and other cultural practitioners, Rel- jic says Kixott is well-placed to organise events that could bene- fit authors, publishers and their titles, "putting their message and goals at the forefront and allowing them to increase the impact and reach of their book in a way that transcends adver- tising on both traditional and social media". In an age when the physical sale of books is severely compro- mised by their online variant, for Reljic creating this "experi- ence around books" is crucial. MAT TH E W VELLA CHRISTMAS 2022 is likely to be a more sober affair in more ways than one, with customers cutting back on discretionary spending, gifts, and celebratory food and drink as they become more conscious about the cost-of- living increase over the next few months. It means that retailers and brands will need to work harder than ever for con- sumer attention, adapting their marketing strategies to win spend in a market where there is reduced demand, say consultants EY, whose Global Future Consumer Index suggested that during October, 28% of consumers surveyed had a worse future outlook compared to 26% of consumers back in June. However, the consumer outlook in Malta seems to have improved marginally over this period, with 28% of consumers indicating a neg- ative view compared to 31% in May. In May, the cost-of-living crisis was concerning cus- tomers but not necessarily impacting them. Since then, consumers may have expe- rienced price rises and an increasingly uncertain eco- nomic environment meaning sentiment could have shifted even further. Research showed that 61% of local consumers are con- cerned about the impacts of the rising cost-of-living, up from 35% in May. "They are implementing a raft of measures to cope, including cutting back on spending across certain product categories and in- creasingly focusing on price and value for money consid- erations," said EY's Gilbert Guillaumier. "The challenges consumers face mean that their afforda- bility first mindset, which was most evident at the start of the pandemic, but which fell back as the impact of COVID-19 started to recede, is now back with a vengeance. 90% of Maltese consumers believe that price will be the most important purchase consideration in three years' time, while 87% say that they will be more focused on value for money in the future." Interestingly, personal health and well-being are be- coming more important as the majority of consumers say they will be more aware and cautious about the im- pacts of consumption behav- iour on their health (82%) and mental well-being (78%). Conscious consumerism This desire for sustaina- bility is also reflected in the continued growth of a more conscious consumer who is considering purchases more deeply than ever before. Although driven by the de- sire for sustainability when the trend first emerged ear- lier this year, it is now also reflective of the affordability first mindset since a consum- er who is consuming less will also be spending less. Over 63% of consumers say that they will pay more attention to the environmental impact of their purchases 28% will be more aligned with organ- isations that share similar values. This shift towards more considered shopping behav- iour will have profound im- plications for brands and re- tailers, as the shopping items that don't match the increas- ing value that consumers place on sustainability will fail to raise profits, compared to durable and high-quality options. As consumer prior- ities change, brands and re- tailers must also change their offerings, so that supply can match the demand. Rebalancing of online and offline Physical retail experiences remain important to con- sumers as the majority of customers indicate a pref- erence to in-store shopping for all product categories, ranging from purchases of fresh foods (88%), home and household items (74%) and clothing/accessories (55%). We continue to see a trend towards spending on experi- ences with 49% of local con- sumers willing to increase spend in this area. For retailers and brands, this is indicative that con- sumers are looking for flex- ibility in channels and the critical importance of the right omni-channel experi- ence. But the role of online as a shopping tool, as well as for buying itself, will continue to be vital for shoppers looking for bargains or wanting the convenience of immediate price comparisons even if they are in-store at the time. The survey was carried out between August and October 2022 across a stratified ran- dom sample of 491 partici- pants.