Almost half of German consumers are negative about their country’s economic prospects. Overall pessimism about economic recovery has significantly increased in recent months, reaching its highest level since March 2020.
As prices rose, spend for groceries, energy and other essentials soared, and consumers are expecting prices to increase even further.
To manage price pressures, consumers have cut down on spend in non-essential categories, and 76 percent of respondents say they have changed shopping behavior in the last three months. They report widespread trading down in retailers and brands, with the key drivers being prices/promotions and value for money. Even for holiday shopping, most consumers are planning to spend less this year.
These exhibits are based on survey data collected in Germany between September 23 and October 2, 2022. Check back for regular updates on German consumer sentiments, behaviors, income, spending, and expectations.