Although the propensity to buy and income expectations have increased slightly, the consumer climate in Germany is falling. Many people currently prefer to save money.
Germans are saving more again – and are sending the consumer climate further into the basement. The propensity to buy is increasing minimally and expectations regarding income have also stabilized, according to the latest consumer climate study by the Nuremberg consumer research company GfK for September, which was published on Wednesday. “However, a significant increase in the propensity to save is causing the consumer climate to fall again,” said GfK in Nuremberg. The propensity to save has reached its highest level since April 2011.
“This means that the chances of a recovery in consumer sentiment this year have probably fallen to zero,” said GfK consumer expert Rolf Bürkl. He blames this primarily on the persistently high inflation rate. Food and energy prices have risen sharply. “Private consumption will therefore not make a positive contribution to overall economic development this year,” emphasized Bürkl. Experts expect a slight recession. In order to significantly improve domestic demand, it is absolutely necessary that the inflation rate, which is currently 6.1 percent, be brought back to a tolerable level.
Consumer climate remains at a low level
The desire to make purchases, although slightly increased, has remained at a very low level for a year now. There is hardly any room in private household budgets for larger purchases. There are also concerns about job losses and bankruptcies. Labor market experts assume that the number of unemployed this year will be on average 150,000 to 190,000 higher than last year.
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The monthly GfK survey is part of the “GfK Consumer Climate Maxx” study commissioned by the EU Commission. Around 2,000 consumers in Germany were surveyed between August 31 and September 11, 2023.
Source: Stern
