Economy
Consumers: Desire to buy decreases, economic expectations increase
Consumers are divided: the desire to buy is falling, while economic expectations are rising. Photo: Monika Skolimowska/ZB/dpa
© dpa-infocom GmbH
Pandemic, inflation, supply chains: consumer sentiment in Germany is being shaken up by many factors. The picture at the end of winter is correspondingly inconsistent.
There is a certain disunity among consumers in Germany at the end of the winter.
The desire to buy decreased slightly in February, but expectations regarding the economy improved somewhat, the consumer research company GfK announced on Wednesday as the result of its most recent survey in Nuremberg.
Overall, the GfK consumer researchers calculated a weaker consumer climate than a month earlier. The consumer climate is thus continuing its downward trend after a short breather.
A slight decrease in the propensity to save in February prevents the decline from being even more pronounced. According to the Nuremberg experts, the reason for the cooling is also the development in the corona pandemic. During the survey period, the number of new infections rose sharply. In addition, the persistently high inflation is putting pressure on the willingness to buy.
Inflation rate at its highest level since 1999
“Above all, the expectations of a clear easing in price developments at the beginning of the year have been dashed for the time being, because the inflation rate is still at a high level,” said GfK consumer expert Rolf Bürkl. This is currently the greatest threat to the income expectations of people in Germany. High energy and food prices are weakening purchasing power.
Consumer prices in January were 5.1 percent higher than in the same month last year, according to a second estimate by the statistics office Eurostat in Luxembourg on Wednesday. This is the highest value since the introduction of the euro in 1999. An initial estimate has thus been confirmed. In December, the rate was still 5.0 percent.
However, the lifting of numerous pandemic restrictions in Germany gives reason for hope for the next few months. “If this were supported by a moderate increase in prices, the consumer climate could finally recover again in the long term,” said Bürkl.
In addition to taking effective measures against the sharply rising prices – especially in the energy sector – it will be important above all that the supply chain problems in branches of industry important for Germany are further defused, stressed Bürkl.