ON average every Spaniard will spend 85 euros during the New Year shop sales period which gets underway in the Balearics after the Three King's festivities next week.

The 85 euros represents a fall of 10 percent as a direct result of the recession. A report states that the Balearics will be one of the areas in Spain which will be hit hard by the slowdown. The report states that some shoppers have decided to spend less and to save the money instead as a result of the economic slowdown.

Shops in the Balearics will be offering discounts of up to 50 percent when the sales period starts. High Street stores have been hit hard by the slowdown with the majority claiming that their takings will be down.

To cope with the recession many stores have been offering major discounts during the festive season. “We have seen people spending far less on their festive gifts. Shoppers who once celebrated both Christmas and the Three King's have now decided to just give one set of presents,” one shopkeeper said.

During the sales period local shopkeepers will be looking to sell thousands of items of unsold stock. “You can safely say that this year there will be a bargain bonanza. I suspect that some shops will be offering discounts which are probably far higher than 50,” the shopkeeper said.

The sales period will last well into the New Year.

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