With high inflation still fresh in mind, Germans continue to consume little. A survey now shows what consumers save the most on – and what they don't want to do without.
Inflation in May was moderate in this country at 2.4 percent. However, many consumers are still holding back on shopping. A survey now published on behalf of the price comparison portal Idealo shows what Germans are most likely to save on. More than 2,000 people between the ages of 18 and 64 were surveyed.
According to the study, Germans are saving the most on clothing and accessories (52 percent), electronics (44 percent) and hobby and leisure items such as racing bikes or trekking tents (43 percent). Drugstores and cosmetics (27 percent) and food (30 percent) are not as badly affected.
Consumers make the fewest compromises when it comes to health products (15 percent). “It has been shown that some sectors suffer more from the consequences than others. People are more likely to forego new clothes or major purchases than to save on their health,” said Idealo price expert Florian Kriegel.
Many people's frugality is also affecting cultural and leisure activities. Restaurants and bars are the most affected. 53 percent of those surveyed say they are holding back here. 47 percent each save on concerts, festivals and club visits. Exhibitions and museums (36 percent) are mentioned less often.
“Education and physical fitness are highly valued, and visiting restaurants or bars seems to be unnecessary for many people,” said Idealo expert Kriegel. This is also due to the fact that the VAT on food in restaurants has been increased again and prices have risen. Going to restaurants and bars is “increasingly seen as a luxury that people can no longer afford or want to”.
According to the Idealo survey, there is no improvement in the general consumer mood in sight. 43 percent of respondents are consuming less than last year and only 7 percent are consuming more, while 50 percent have remained more or less the same.
82 percent are saving for something. The most frequently mentioned item was a vacation or trip (42 percent), 31 percent are putting money aside for their retirement, 19 percent for the future of their own children, and 15 percent for a property.
