The consumer climate in Germany is suffering setbacks: propensity to save is at its highest

Expensive energy, wars, inflation: the ongoing crises are having a significant impact on German consumer behavior. According to a study, the propensity to save increased again in September, while citizens' salary prospects deteriorated.

The Germans are holding their money together in times of expensive energy and an uncertain geopolitical situation: According to the latest study by the Nuremberg institutes NIM and GfK, the consumer climate suffered a severe setback in September. The institutes announced as a result of their monthly survey that the propensity to save has risen sharply, while income expectations have fallen significantly at the same time. The propensity to purchase - i.e. the willingness to spend more - also fell slightly.

People's expectations about their income prospects reached their lowest level since April. “The majority of households expect that high energy prices will reduce their purchasing power,” said NIM consumer expert Rolf Bürkl. "As a result, they are more skeptical about future income prospects for the next 12 months." The propensity to save skyrocketed again and reached a level that has not been measured since the financial crisis of 2008.

“The high energy prices are fueling uncertainty among consumers and are ensuring that they currently consider it advisable to save in view of the general economic situation,” analyze the consumer researchers. The propensity to save is particularly higher in households with better financial resources. “There is clearly a need to compensate for the loss of purchasing power that has occurred in savings due to increased inflation through additional savings,” says the consumer climate study.

At least citizens' expectations regarding economic development have increased somewhat - for the fifth month in a row. The economic institutes' improved growth forecasts could also have contributed to this. For the current analysis, 2,000 consumer interviews were conducted between September 3rd and 14th, 2026 on behalf of the EU Commission.