In view of the high inflation, many consumers in Germany want to limit their purchases according to a survey. According to a survey by the consulting firm Simon-Kucher published on Wednesday, 44 percent of those surveyed want to shop less frequently in the next twelve months.
45 percent also believe that their purchases will be smaller. “Even if the great recession has not materialized for the time being – consumers are still on the brakes on consumption,” said Björn Dahmen, Partner at Simon Kucher.
A good third of those surveyed (36 percent) believe they will spend less money on consumption this year. Savings are not only made on luxury products. According to the study, for which 1,321 people in Germany were interviewed, consumers also want to noticeably cut their budgets for sports, entertainment, restaurant visits, electronic products and fashion.
According to the information, the respondents are mostly pessimistic about the financial situation of their household. 37 percent feared that this would deteriorate within twelve months, nine percent of whom expected drastic losses. Only a good fifth (21 percent) believe in an improvement, they said. “Pandemic, war, inflation – all of this has shaped consumers. Even without concrete indications, consumers are currently still rather pessimistic,” said Dahmen.(dpa)