Because of the large price increases, many consumers pay more attention to special offers or refrain from making purchases. As a survey published on Friday by the market researcher IFH Cologne on behalf of the German Trade Association (HDE) revealed, more than a quarter of those surveyed (27 percent) are “very afraid” that they will not be able to get by with the money. There is no comparable number, the survey was carried out for the first time. For respondents from households with less than 2000 euros net monthly income – around 300 took part – the value was even 48 percent. Of all respondents, 29 percent stated that they were “not afraid” of not getting by with the money.
As a result of the Ukraine war, the corona pandemic and other global events, food prices have been rising sharply for several months. In the words of HDE General Manager Stefan Genth, this has “serious consequences for consumer behavior”. “In view of the future prospects, which are perceived as uncertain, many prefer to keep their money together and are rather skeptical about larger purchases.” According to Genth, the changed consumer behavior is presenting retail companies with “major challenges”.
According to the survey, a good quarter of consumers (27 percent) stated that they had recently refrained from buying specialties and delicacies. In the case of wine and spirits, the abstinence rate was also notably high at 13 percent. It is also noticeable that every sixth person in drugstore goods switched to cheaper brands. One in eight did so for chilled goods and frozen products. (dpa)