Consumers in Germany are reluctant to spend despite growing financial confidence. This is the result of a representative study conducted by opinion research institute YouGov on behalf of TeamBank AG.
Accordingly, 70 percent of those surveyed said that they reduced or even completely waived planned spending due to rising prices. In a poll conducted in February of this year, the percentage was three percentage points lower. The greatest savings are made on restaurant visits and vacation trips. These areas were mentioned by 32% and 20% of those surveyed.
However, according to the survey, individual financial possibilities are now evaluated somewhat more optimistically: 67% of those surveyed rated their financial situation as “at least good.” This is four percentage points higher than in February. This increase is most evident in the age group from 18 to 29 years. At the beginning of the year, there were 13 percentage points fewer who rated their financial situation positively. Currently it is 74 percent.
For the study, opinion research institute YouGov surveyed 3,160 people aged between 18 and 79 online about their liquidity and consumer behavior from June to July this year.
