Deloitte estimates that holiday spending in Spain will decline about 9.1% this year, while Western Europe as a whole will see a 6.3% drop. Spain's largest department store operator, El Corte Ingles, has already started advertising substantial discounts to attract consumers. "People are going to buy more at the last minute, thinking that there will be better offers," said Miguel Angel Fraile, head of the Spanish Retailers Association.

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