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German consumers: Despite optimism, consumption is being saved!
Consumers in Germany are showing restraint in spending despite their better financial situation, as a YouGov study by TeamBank AG shows.
German consumers: Despite optimism, consumption is being saved!
Despite growing financial confidence, consumers in Germany are showing surprising reluctance to consume. A representative study by the opinion research institute YouGov, which was carried out on behalf of TeamBank AG, reveals this discrepancy.
The survey, conducted online between June and July this year among 3,160 people aged 18 to 79, found that 70 percent of respondents said they had to reduce or eliminate planned spending due to high prices. This number is up three percentage points compared to the February survey, indicating increasing concerns about food and living costs.
Consumer spending under pressure
The study shows particularly clearly that consumers are most likely to save on dining out and vacations, with 32 percent and 20 percent of respondents respectively saying they make savings here. These savings measures make it clear that even if people have a positive assessment of their financial situation, consumer behavior is strongly influenced by external factors such as prices.
In contrast, the assessment of the respondents' individual financial situation has improved. 67 percent now rate their financial situation as “at least good,” an increase of four percentage points since February. This optimistic trend is particularly noticeable in the group of 18 to 29 year olds. Here the positive assessments have improved from 61 percent to 74 percent, which may indicate a change in the perception of the economic environment and personal income.
The survey results show that despite an increase in financial satisfaction, consumers remain cautious about their spending. This could have long-term effects on the economy as consumption plays a crucial role in growth.
In summary, the study shows that high-quality financial positions do not necessarily lead to higher spending if consumers remain uncertain due to price increases. These developments are significant as they provide insights into consumer behavior in times of economic uncertainty and raise questions about future retail trends. Further information can be found in a detailed report on www.om-online.de.