Palma.A monthly report published by Balearic Small to Medium-Sized Business Association Pimeco reported that both low sales figures and lack of customers were to blame for the all-time-low in trading figures.
According to Pimeco's findings, retailers gave November this year a 3.4 out of 10, placing the month six decimal points below the results for the previous month of October.
In year-on-year terms, November experienced a downturn of two decimal points in comparison with the same month in 2011. Pimeco said that the downward trend could lead to a decline of 5.5% in the Commerce sector on the island.
Just 4% of retailers polled said they had sold more last month than in November 2011, compared to 80% who confirmed they had sold less and 16% who believed results were about the same.
Making comparisons with the previous month of October, 74% of retailers said they had sold less in November, 18% said figures were similar and just 8% claimed to have sold more.
Pimeco highlighted the serious lack of consumer confidence and said that there was no sign of recovery despite a wide range of commercial promotions and discount offers.
A spokesman for the retail sector of Pimeco said that the weak demand was causing business to stagnate. People are increasingly cautious about spending even as Christmas approaches, Pimeco said.